A new survey conducted by Morning Consult on behalf of the American Bankers Association found that a strong majority of U.S. consumers are happy with their credit cards and do not want the government to interfere with their cards’ rewards programs.
The survey, unveiled on the second day of ABA’s 2025 Annual Convention in Charlotte, North Carolina, also gauged consumers’ views on debit interchange fees paid by retailers and efforts by Congress to implement price controls on credit card interest rates.
Nine-in-10 consumers (94%) said they are satisfied with their credit cards, and the same number said that they value the convenience of using their credit cards, according to the survey. Eight-in-10 (82%) have at least one credit card that offers rewards, and nine-in-10 (90%) said they value the rewards program on their credit cards. Seven-in-10 (68%) say they would be disappointed to lose the rewards program on their credit cards due to government regulatory changes, a potential threat in the current Congress. By an overwhelming margin (80% agree vs. 7% disagree), consumers believe merchants and retailers get significant benefit from being able to accept credit cards for payment.
“This new survey data reinforces that credit cards – especially rewards cards – are an important consumer resource that Americans highly value and appreciate,” said Rob Nichols, ABA president and CEO. “Americans have made it clear they don’t support misguided government mandates and price controls that restrict their choices and reduce fraud protections while increasing costs.”
Consumers want retailers to take responsibility for accepting card payments
U.S. adults overwhelmingly believe that retailers should be responsible for the costs associated with accepting credit card and debit card purchases. By a 6-to-1 margin (69% vs. 11%), consumers say that retailers should pay for the convenience and infrastructure to offer customers the ability to use a credit or debit card for purchase, as opposed to those who say retailers should charge customers for using a credit or debit card. In addition, seven-in-10 (68%) said they would oppose lowering debit interchange fees for retailers if it meant banks would have to increase fees for checking accounts.
“Consumers are acutely aware of the many benefits America’s retailers and merchants enjoy from accepting card payments, including increased sales, improved cash flow, enhanced customer convenience and the ability to reach a wider customer base,” said Nichols. “Unfortunately, corporate megastores remain focused on trying to pad their profits by not paying their fair share to maintain, protect and upgrade our nation’s highly efficient payments system.”
Consumers are concerned about government price controls
When asked for their thoughts on government proposals to cap credit card interest rates, two-thirds of consumers said they oppose doing so if it means added or increased fees for using credit cards such as annual fees (66%), or increased fees or other costs on other financial products or services (63%). Earlier this year, legislation was introduced in Congress that, if passed, would institute government price controls on credit card interest rates. In addition to increased costs, its enactment would have a devastating effect on access to credit for individuals and small business owners across the country, especially for those who need it the most.
