What Would Americans Do with $100 Extra Cash This Summer?
Ally Bank just celebrated the one year anniversary of their cash back credit card. In honor of that milestone, they conducted a survey to find out what Americans would do if they found $100 extra cash in their pocket this summer. 35% of respondents said they would spend their extra money on everyday purchases, 25% said they would put their money in the bank, and 24% said they would pay off bills.
Ally asked survey participants if they were expecting a major financial expense this summer. Only 25% said they saw a big “splurge” coming. 38% of those respondents said they would spend money on travel, while 23% said they would use their funds for home improvement. Another 23% said they would be buying a big ticket item.
Millennials were the most likely group of people to make a major purchase this summer. 32% said they would splurge, and half of them plan to spend their money on travel. Surprisingly, 55% of Millennials said that if they found an extra $100 in their pocket, they would put the money into their savings account or pay an outstanding bill. Half of Ally’s new customers last year were Millennials.
The Ally CashBack Credit Card provides 2% cash back for gas and food purchases, as well as 1% cashback on all other items. Currently the bank is running a promotion for new customers. Spend $500 in the first three billing cycles and earn an extra $100 bonus cash back. There is no cap on the rewards and they never expire.