Removal of Rewards Wouldn’t Change The Way Most American Credit Cardholders Spend, Report Says


Victory State Bank, Staten Island’s only community-based business bank, asks: If you weren’t rewarded for using your credit card, would you use it as often?

Rewards may not be as much of an inducement for credit card users as previously thought, the bank maintains.

Victory State Bank suggests a recent survey by supports this supposition. According to a new (NYSE: RATE) report, if credit card issuers stopped offering rewards, most American credit cardholders wouldn't change their spending habits.

Some European issuers have begun eliminating the points, frequent-flier miles, cash back and other rewards associated with their credit cards due to recent regulatory changes. If the same thing happened in the U.S., 51 percent of American credit cardholders say they would keep using the card the same way they did previously; 26 percent would use the card less often, and 19 percent would stop using it entirely.

The single biggest reason Americans use credit cards is because they are easier and more convenient than paying with cash (40 percent of respondents gave that answer). Financing emergency expenses was a distant second at 19 percent, and earning rewards ranked third with 14 percent of the vote.



About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at


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