Whether they take the form of cash, miles or points, credit card rewards have become a staple of U.S. consumer culture. Many households, particularly at the upper end of the income spectrum, charge just about every purchase, mainly so they can collect rewards with each swipe.
Between 2010 and 2016, the nation’s six largest card issuers more than doubled their spending on rewards, according to one study published last year. Many of those perks were funded through increases in the fees that banks and card networks charge to retailers that accept their cards.