Credit card issuers are moving beyond gas, groceries and restaurants into things prized by young people, such as streaming services.
When it comes to credit card rewards, it’s not all about gas, groceries and restaurants anymore. Issuers are moving beyond suburban staples to include millennial-friendly categories such as transit and streaming subscriptions.
“The strategy is simple: If a consumer opens a credit card when young, the [issuer] can build a long-term relationship with the consumer,” said Logan Allec, a CPA and founder of the financial blogThe Deloitte study notes the percentage of U.S. households subscribing to a paid streaming video service grew to 55% in 2017 from 10% in 2009 — a 450% increase. Consumers subscribe to an average of three such services.
Kunal Madhok, vice president of U.S. consumer lending and acquisition at American Express, said AmEx research found that a segment of millennials was spending more on “day-to-day” costs, including commuting and streaming, compared with five years ago.“The card is designed to give people the most cash back on the things they value and spend frequently on, now including quality time at home streaming their favorite show,” Madhok said.
Per the Deloitte survey, 70% of Gen Z households had a streaming subscription in 2017, as did 68% of millennial households .
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