Credit Card Rewards Statistics 2026: $47.5 Billion Earned, 92% of Spending on Rewards Cards, and What Issuers Pay
Credit card rewards statistics for 2026: $47.5 billion in rewards earned, 92% of card spending on rewards cards, a 1.6% overall earn rate, $311 average sign-up bonus, and $71.7 billion in issuer rewards costs. 60+ sourced numbers.
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Disclaimer: This page compiles rewards statistics from the CFPB, the Federal Reserve, and issuer 10-K filings for educational purposes. Every figure carries its source and period. Sources define rewards differently (the CFPB reports rewards at the dollar value issuers assign; issuers report rewards expense, sometimes bundled with partner payments), so compare numbers only within the same source unless the text says otherwise. Nothing here values any specific card or points currency.
Rewards are the product. Ninety-two cents of every dollar spent on a general-purpose credit card now runs through a rewards card, and the largest issuers book more in rewards costs than many banks earn in total revenue. This page collects the numbers behind that market from the primary sources: the CFPB’s 2025 report to Congress, the FY2025 10-K filings of JPMorgan Chase, American Express, Capital One, and Citi, the Federal Reserve Payments Study, and the Atlanta Fed’s consumer payment diary. Each figure is dated and sourced so you can cite it.
Key Facts: Credit card rewards statistics in 2026
- Consumers earned $47.5 billion in credit card rewards in 2024, nearly double the 2020 total (CFPB)
- Points cards earned $23.9 billion, cash back cards $16.6 billion, miles cards $6.6 billion (CFPB, 2024)
- 92% of general-purpose card purchase volume was on rewards cards in 2023 and 2024, up from 85% in 2015 (CFPB)
- Cash back cards are 36% of general-purpose accounts, up from 28% in 2015; no-rewards cards fell from 33% to 20% (CFPB)
- The overall earn rate is 1.6% of purchase volume on rewards cards, steady since 2021 (CFPB)
- The average sign-up bonus earned was $311 in 2024, down from $326 in 2022 (CFPB)
- Superprime and prime plus cardholders (720+) redeemed $35.1 billion of the $43.0 billion in rewards redeemed in 2024, about 82% (CFPB)
- The four largest issuers reported $71.7 billion in rewards-related costs for fiscal 2025 (10-K filings)
- Unredeemed rewards liabilities: JPMorgan Chase $16.0 billion, American Express $16.5 billion, Capital One $11.1 billion (10-Ks, December 31, 2025)
- 16% of general-purpose accounts charge an annual fee; total annual fees reached $8.7 billion in 2024 and the average fee rose to $127 (CFPB)
- Credit cards were used for 34% of consumer payments by number and 19% by value in 2025 (Atlanta Fed SDCPC)
- 67.1 billion credit card payments worth $6.51 trillion were made in 2024 (Federal Reserve Payments Study)
Credit Card Rewards Statistics at a Glance
| Statistic | Figure | Period | Source |
|---|---|---|---|
| Rewards earned, all general-purpose cards | $47.5 billion | 2024 | CFPB |
| Rewards earned on points cards | $23.9 billion | 2024 | CFPB |
| Rewards earned on cash back cards | $16.6 billion | 2024 | CFPB |
| Rewards earned on miles cards | $6.6 billion | 2024 | CFPB |
| Share of purchase volume on rewards cards | 92% | 2024 | CFPB |
| Overall earn rate on rewards cards | 1.6% of purchase volume | 2024 | CFPB |
| Average rewards balance per rewards account | over $190 | 2024 | CFPB |
| Average sign-up bonus earned | $311 | 2024 | CFPB |
| Rewards forfeiture incidence | 2.8% | 2024 | CFPB |
| Accounts charging an annual fee | 16% | 2024 | CFPB |
| Total annual fees charged | $8.7 billion | 2024 | CFPB |
| Average annual fee | $127 | 2024 | CFPB |
| JPMorgan Chase reward costs and partner payments | $29.7 billion | FY2025 | JPM 10-K |
| American Express Card Member rewards expense | $18.4 billion | FY2025 | AXP 10-K |
| Citi card rewards and partner payments (U.S. Personal Banking) | $12.1 billion | FY2025 | Citi 10-K |
| Capital One customer rewards expense | $11.5 billion | FY2025 | COF 10-K |
| Credit card share of consumer payments, by number | 34% | 2025 | Atlanta Fed SDCPC |
| Credit card payments, number and value | 67.1 billion, $6.51 trillion | 2024 | Fed Payments Study |
How Much Do Americans Earn in Credit Card Rewards?
$47.5 billion in 2024, according to the CFPB’s account-level data from major issuers, nearly double the rewards earned in 2020. The report tracks three reward types, and points cards do the heavy lifting despite being a smaller share of accounts than cash back cards.
| Reward type | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Cash back | $10.0B | $9.3B | $12.5B | $15.2B | $16.0B | $16.6B |
| Miles | $4.0B | $3.3B | $4.0B | $5.2B | $5.9B | $6.6B |
| Points and other | $12.2B | $11.3B | $16.2B | $21.0B | $22.6B | $23.9B |
| Total (sum of rows) | $26.2B | $23.9B | $32.7B | $41.4B | $44.5B | $47.1B |
The CFPB’s own stated 2024 total is $47.5 billion; the row values are rounded to the nearest $100 million in its chart, which is why they sum to $47.1 billion. Points cards produced about half of all rewards earned in 2024, cash back about 35%, and miles about 14%.
Credit card rewards earned by type, 2019 to 2024
Billions of dollars, general-purpose cards, CFPB issuer sample
The average rewards account carried more than $190 in unredeemed rewards in 2024, and balances are higher for higher-score cardholders, which the CFPB ties to their higher spending. Balances grew in 2023 and 2024 as earning outpaced redemption.
What Share of Credit Card Spending Is on Rewards Cards?
92% of general-purpose card purchase volume in both 2023 and 2024, up from 85% in 2015 (CFPB). Growth in that share has slowed since 2020, and what growth remains is concentrated among cardholders with scores below 720; higher-score consumers already put nearly all their spending on rewards cards.
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Rewards cards’ share of purchase volume | 85% | 85% | 86% | 88% | 90% | 91% | 91% | 91% | 92% | 92% |
Miles cards illustrate the gap between account share and spend share: they are 10% of general-purpose accounts but 17% of purchase volume, because they are on average higher-spend accounts.
Cash Back vs Points vs Miles: Share of Accounts
Cash back is now the most common general-purpose card type at 36% of accounts, and cards with no rewards have fallen to 20% (CFPB, 2024). The CFPB attributes most of the decade’s shift to cash back growth, and notes that cash back cards are typically offered to prime-or-better consumers with no or low annual fees. They were also the most common direct-mail offer in 2024.
| Reward type | 2015 | 2019 | 2020 | 2022 | 2024 |
|---|---|---|---|---|---|
| Cash back | 28% | 32% | 33% | 34% | 36% |
| Points and other | 30% | 32% | 33% | 34% | 33% |
| Miles | 9% | 9% | 9% | 10% | 10% |
| No rewards | 33% | 27% | 25% | 22% | 20% |
Share of general-purpose accounts by reward type
2015 versus 2024, CFPB Y-14+ issuer data
Points cards plateaued around 2020 at roughly a third of accounts. The Atlanta Fed’s 2025 diary adds the consumer view: 80% of consumers hold a credit card, just over 45% of cardholders have one or two cards, and 23% have five or more.
What Is the Average Credit Card Rewards Earn Rate?
1.6% of purchase volume on rewards cards, unchanged since 2021 (CFPB). The rate was 1.4% in 2019 and 2020. Two details matter for high earners:
- Lower scores earn more per dollar. Rewards earned as a share of purchase volume is higher for consumers with lower credit scores. Superprime cardholders earn the fewest currency rewards relative to spend, because cards marketed to them deliver value through benefits not tied to spending: lounge access, statement credits, hotel status.
- Redemptions skew to the top. Of the $43.0 billion in rewards redeemed in 2024, superprime cardholders redeemed $18.5 billion and prime plus cardholders $16.6 billion, together about 82%. Prime cardholders redeemed $5.0 billion and below-prime cardholders $2.9 billion.
| Rewards redeemed by score tier | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Superprime (800+) | $9.3B | $9.1B | $11.1B | $13.4B | $17.1B | $18.5B |
| Prime plus (720-799) | $9.6B | $8.6B | $11.5B | $14.9B | $15.9B | $16.6B |
| Prime (660-719) | $2.9B | $2.5B | $3.1B | $4.2B | $4.9B | $5.0B |
| Below prime | $1.3B | $1.1B | $1.3B | $2.0B | $2.9B | $2.9B |
| Total (sum of rows) | $23.1B | $21.3B | $27.0B | $34.5B | $40.8B | $43.0B |
Forfeiture is falling. The share of general-purpose cardholders who forfeited part of their rewards balance dropped from 4.8% in 2019 to 2.8% in 2024, though subprime cardholders forfeit at more than double the overall rate.
How Much Is the Average Sign-Up Bonus?
$311 in 2024, measured as the average dollar value of rewards bonuses actually earned (CFPB). The series runs $276 in 2019, $272 in 2020, $303 in 2021, $326 in 2022, $299 in 2023, and $311 in 2024, so the 2022 peak has softened slightly. The average spans every bonus-earning account in the sample, from $150 cash back offers to premium travel bonuses, which is why it lands far below the headline offers on cards covered in our best credit cards for high earners guide.
Related marketing data the CFPB cites: 57% of cash back introductory offers in Q4 2024 carried a sign-on bonus, and 61.5% of offers with a promotional APR also included a rewards welcome bonus.
What Do Issuers Pay for Rewards?
At least $71.7 billion in fiscal 2025 across the four largest U.S. card issuers, per their 10-K filings. Each issuer labels the line differently, so the table quotes the filing’s own wording.
| Issuer | Line item (as labeled in the 10-K) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| JPMorgan Chase | Reward costs and partner payments | $29,720M | $26,784M | $24,601M |
| American Express | Card Member rewards | $18,409M | $16,599M | $15,367M |
| Citi (U.S. Personal Banking) | Card rewards and partner payments | $12,075M | $11,226M | $11,083M |
| Capital One | Customer rewards expense | $11.5B | $9.0B | $8.2B |
| Four-issuer total | $71.7B | $63.6B | $59.3B |
Three caveats on that total. JPMorgan Chase and Citi bundle payments to co-brand partners with rewards; American Express reports rewards alone (its cobrand partner payments sit in a separate “Business development” line of $6,457 million). Capital One’s 2025 figure includes Discover from the May 18, 2025 closing date. And Citi’s figure covers its U.S. Personal Banking segment, which includes Retail Services private-label cards alongside Branded Cards.
Rewards are funded by interchange. Capital One’s filing states that customer rewards costs are “generally record[ed] as an offset to interchange income,” and JPMorgan Chase nets reward costs against $36,222 million of interchange and merchant processing income to arrive at $4,720 million of total card income in 2025, down from $5,497 million in 2024 because rewards costs grew faster than interchange.
Rewards-related costs at the four largest issuers, FY2025
Billions of dollars, as labeled in each 10-K
Rewards cost per dollar of spending
Dividing each issuer’s rewards line by its reported card spending gives a rough cost-of-rewards rate. The inputs are all from the same filings, but the numerators differ in scope, so read these as order-of-magnitude comparisons.
| Issuer | Rewards-related cost, FY2025 | Card spending, FY2025 (as labeled) | Cost per $100 spent |
|---|---|---|---|
| JPMorgan Chase | $29,720M | Card Services sales volume, excluding commercial card: $1,354.7B | $2.19 |
| Citi (USPB) | $12,075M | Branded Cards $538B plus Retail Services $88B credit card spend volume: $626B | $1.93 |
| Capital One | $11.5B | Credit Card segment purchase volume: $828.5B | $1.39 |
| American Express | $18,409M | Billed business: $1,669.8B | $1.10 |
American Express’s rate is lowest partly because billed business covers every product it issues, commercial cards included, and partly because more of its value proposition runs through Card Member services ($6,057 million in 2025, up from $4,782 million) rather than points. Its business development expense, which includes payments to cobrand partners, was a further $6,457 million. Its net card fees, the annual fees Card Members pay, reached $9,993 million in 2025, up from $8,449 million.
How Large Are Unredeemed Rewards Liabilities?
$43.6 billion across the three issuers that disclose a figure, as of December 31, 2025. Each is the issuer’s estimate of the cost of points earned and expected to be redeemed.
| Issuer | Balance sheet item (as labeled) | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
| American Express | Membership Rewards liability | $16,520M | $14,752M |
| JPMorgan Chase | Credit card rewards liability | $16.0B | $14.4B |
| Capital One | Customer rewards reserve | $11.1B | $8.2B |
| Three-issuer total | $43.6B | $37.4B |
JPMorgan Chase says the increase was “driven by continued growth in rewards points earned on higher spend and promotional offers that has outpaced redemptions throughout 2025,” and that its points generally do not expire. Its sensitivity disclosure is a useful scale marker: a combined 25 basis point increase in redemption rate and 1 basis point increase in cost per point would add about $512 million to the liability. Capital One’s reserve grew 35% in a year, reflecting the Discover acquisition alongside organic growth.
For what that unredeemed balance means to an individual cardholder, our guides on the best Membership Rewards redemptions and best Ultimate Rewards redemptions cover the cents-per-point math.
Annual Fee Statistics
16% of general-purpose accounts charged an annual fee in 2024, down about a third of a percentage point since 2022, while total annual fees rose to a record $8.7 billion (CFPB). The share by year:
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Accounts with an annual fee | 18% | 18% | 17% | 17% | 17% | 17% | 17% | 16% | 16% | 16% |
- The average annual fee rose 21% since 2022, from $105 to $127, driven by premium products that bundle higher earn rates with lounge access, hotel status, and monthly credits.
- Superprime cardholders are the most likely to pay an annual fee, largely to access rewards programs on cards marketed to that tier. Below-prime cardholders, who paid annual fees at higher rates from 2015 to 2021 for access to credit, now pay them less often.
- 85% of cash back direct-mail offers in Q4 2024 had no annual fee, and every one of the top five products in consumers’ mailboxes that quarter charged less than $100.
- 21% of credit card holders reported paying an annual fee in 2025, the most common fee paid, and 68% paid no card fees at all (Atlanta Fed SDCPC).
How Often Are Credit Cards Used?
Credit cards are now the most used payment instrument in the U.S. by count. Two Federal Reserve sources measure it from different angles.
Atlanta Fed Survey and Diary of Consumer Payment Choice, 2025 (consumer diaries, October 2025):
- Credit cards accounted for 34% of all payments by number and 19% by value; debit cards 31% by number.
- Consumers made 16 credit card payments per month on average versus 15 debit card payments.
- For purchases, credit cards took 39% by number and 40% by value; the average credit card purchase was $67, versus $50 on debit and $35 in cash.
- 80% of consumers had a credit card; 45% of cardholders carried an unpaid balance at some point in the prior 12 months, unchanged from 2024.
Federal Reserve Payments Study, 2015 to 2024 (industry-wide counts, released July 2026):
| Credit card payments | 2015 | 2018 | 2021 | 2024 |
|---|---|---|---|---|
| Number (billions) | 33.7 | 44.6 | 51.0 | 67.1 |
| Value ($ trillions) | $3.05T | $3.97T | $4.87T | $6.51T |
| Average payment | $91 | $89 | $96 | $97 |
Credit cards grew the most by number of any payment type from 2021 to 2024, the first three-year period since 2000 in which credit card payments grew faster than debit. General-purpose credit cards were 96% of credit card payments by number in 2024, up from 92% in 2015. The Payments Study counts all credit cards, including commercial cards, which is why its $6.51 trillion exceeds the CFPB’s $3.6 trillion in consumer purchase volume.
How to Cite These Statistics
Every number on this page traces to a public primary source listed below, and we would rather you cite the original than us. If you cite this page:
High Earner Playbook, “Credit Card Rewards Statistics 2026,” highearnerplaybook.com, accessed [date]. Compiled from CFPB, Federal Reserve, Federal Reserve Bank of Atlanta, and SEC Form 10-K data.
Derived figures (row totals, the four-issuer sum, the three-issuer liability total, cost per $100 spent, and reward-type shares) are our arithmetic on the inputs shown in the tables above.
Where These Numbers Come From
- CFPB, The Consumer Credit Card Market 2025 (released December 30, 2025). The seventh biennial CARD Act report, built on account-level data from large issuers (Y-14 and MMI samples) through year-end 2024. Section 7.1 covers rewards; Section 3.3.1 covers annual fees. Source for rewards earned, redeemed, and forfeited; shares by reward type; earn rate; sign-up bonus values; annual fee prevalence and totals.
- JPMorgan Chase & Co., Form 10-K for fiscal 2025 (filed February 13, 2026). Card income note (reward costs and partner payments, interchange income), critical accounting estimates (credit card rewards liability), and Consumer & Community Banking metrics (sales volume, cards in force).
- American Express Company, Form 10-K for fiscal 2025 (filed February 6, 2026). Consolidated statements of income (Card Member rewards, Card Member services, net card fees), Note 9 (Membership Rewards liability), and network volumes (billed business, cards-in-force).
- Capital One Financial Corporation, Form 10-K for fiscal 2025 (filed February 19, 2026). Critical accounting estimates (customer rewards expense and reserve) and Credit Card segment metrics (purchase volume). Includes Discover from May 18, 2025.
- Citigroup Inc., Form 10-K for fiscal 2025 (filed February 20, 2026). U.S. Personal Banking segment results (interchange fees, card rewards and partner payments, credit card spend volume).
- Federal Reserve Payments Study, National Payment Volumes 2015 to 2024 (released July 2026). Source for the number and value of credit card payments.
- Federal Reserve Bank of Atlanta, 2025 Survey and Diary of Consumer Payment Choice: Summary Results (Foster and Hitczenko, 2026). Source for consumer-level payment shares, card adoption, card counts, and fee incidence.
Update policy: 10-K figures refresh each February when the FY2026 filings land; the Atlanta Fed diary each spring; the Payments Study on its three-year cycle; the CFPB report at its next edition, expected late 2027. Each revision gets a dated note under the disclaimer.
Related Resources
- Best Credit Cards for High Earners: Where the 1.6% average earn rate becomes 3-5% on the right categories
- Best Amex Membership Rewards Redemptions: What a share of that $16.5 billion liability is worth to you
- Best Chase Ultimate Rewards Redemptions: The same math for the $16.0 billion Chase pool
- Are Credit Card Rewards Taxable?: Why $47.5 billion in rewards mostly stays off the 1040
- Credit Card Limit Statistics 2026: The companion page on limits, utilization, and account counts
Sources
- Consumer Financial Protection Bureau, The Consumer Credit Card Market, 2025 (full PDF), Sections 3.3.1 and 7.1, Figures 37, 38, and 99 to 106
- JPMorgan Chase & Co., Form 10-K for the year ended December 31, 2025
- American Express Company, Form 10-K for the year ended December 31, 2025
- Capital One Financial Corporation, Form 10-K for the year ended December 31, 2025
- Citigroup Inc., Form 10-K for the year ended December 31, 2025
- Federal Reserve Board, Federal Reserve Payments Study: National Payment Volumes, Top-Line Data, CY 2015-24 (July 2026)
- Federal Reserve Bank of Atlanta, 2025 Survey and Diary of Consumer Payment Choice: Summary Results (2026 No. 26-1)
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