In 2018, dining instead of travel emerges as the major category in credit card rewards. Since 2016 when Chase Sapphire Reserve credit card was launched, credit card rewards and travel always go hand in hand. The more popular credit card rewards included cash back, frequent flyer miles, hotel points and travel perks.
While travel is still the main redemption option, dining combined with groceries and entertainment has surfaced as a standalone flagship bonus category. Credit card issuers have created a race of sorts to try to compete with each other for the attention of consumers. According to Julian Mark Kheel, editorial director at travel and lifestyle website The Point Guy, in today’s golden age of dining rewards, consumers who dine out at least one a week make sure that they have a credit card in the purse that offers rewards for purchases.
Consumers usually earn bonus points on dining and groceries before but with the Chase Sapphire Preferred Card, consumers earn 2 times on dining and travel. Many newly released cards have become food-centric instead of tying travel and dining. For example, American Express has released a new version of the Gold Card last October that is restaurant-centric even if it has retained the element of travel lifestyle.
Customers have grown appetites for dining out, eating in and travelling that is why the Gold Card was designed to reward members. Most card members want to experience new cuisines and they like to explore places where unique food is served. Customers also value the time they spend with family and friends while bonding over good food.
Credit card issuers take into account the importance people put on doing things they love. This is the reason why there are generous rewards for dining and welcome bonuses for new members. People love to have fun so they added value on these areas.
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