Millennials Say Sharing Credit Card Rewards Is a “Relationship Perk”
First comes love. Then comes marriage. Then comes…shared credit card rewards?
In honor of Valentine’s Day, Wells Fargo conducted a study to see how Millennials view credit card rewards within their relationship. Nearly half (45%) of Millennials in relationships said they would add their partner as authorized user to earn more credit card rewards.
The rewards are such a driving force that many Millennials are offering to pay for shared meals to earn more points. Forty-eight percent say they don’t mind paying for meals if they can earn rewards, and 34% have insisted on paying to rack up their loyalty points.
Sixty-four percent of Millennial couples said sharing rewards points was a “perk” of dating, and 59% planned to save their points for doing something special together. This most often includes traveling, with 74% planning to vacation as a couple in the next year.
The desire to share points and travel may not be limited to Millennials, but they have a much stronger interest than those in older generations. A survey last June showed that travel points made up 90% of the conversations Millennials had about credit cards. Older generations had 30% less interest in travel points, with a stronger desire for cash back and brand-specific rewards.