What do affluent Americans want in a credit card?
Turns out it's not so different from what the rest of the country wants: cash back. Sixty percent of credit card holders with investable assets of $100,000 or more say cash back is their favorite credit card perk, according to a new CreditCards.com survey. Just 22 percent said they preferred frequent flier miles.
That's in line with a recent Fidelity survey that found 55 percent of cardholders own a rewards credit card and, among them, nearly two-thirds prefer a cash-back rewards card. (Credit cards offering points toward merchandise, airline miles, or gas and dining discounts followed.)
The Creditcard.com survey found some differences among cardholders. Cash back is more attractive to wealthy women than men, for example. Affluent women prefer cash back over miles nearly four-to-one (67 percent to 17 percent), while wealthy men prefer cash back more than two-to-one (56 percent to 25 percent). Millennials are also far more likely to opt for cash back over other rewards. Two-thirds said they prefer cash-back cards, while just 14 percent opt for miles.