WEST PALM BEACH, Fla. — If you're earning credit card rewards or cash back, those points might be worth more than you think. New data shows Florida households cashed in over $4 billion in credit card rewards last year alone.
WATCH:
For middle-income families earning between $34,510 and $65,100, those rewards added up to an average of $314 in 2024. To put that in perspective, that's double what most families spend on school supplies for the entire year, or enough to cover about two and a half weeks of groceries.
"Minor income (families), folks making $70,000 primarily use rewards for cash back to fund their school supplies, gifts for the holiday and we're hearing more and more pay off their gas as well," explains Richard Hunt, Executive Chairman of the Electronic Payments Coalition.
The data shows reward redemptions peak during July and August, coinciding with back-to-school shopping season when family budgets are stretched thin.
Read the full study here.
