Vantiv and Socratic Technologies recently surveyed 500 consumers about how they're using reward programs offered through credit card providers and retailers.
They found that grocery store reward programs have the highest participation rates, with 57 percent of survey participants taking advantage of grocery rewards and 56 percent using credit card rewards.
Respondents, however, said that they prefer their credit card rewards program (37 percent) over grocery store reward programs (18 percent).
Among Baby Boomers, 42 percent take part in credit card reward programs, whereas retirees prefer grocery store rewards systems with 22 percent of respondents enrolled.
Of those surveyed, 47 percent said they sign up for new credit cards because of free merchandise and travel perks, while 41 percent sign up for automatic discounts at the time of the purchase.
Forty-three percent of participants said they most dislike the excessive amount of spending required to reach the next reward level with credit cards, while 36 percent said they were not happy that the rewards expired before they could use them.
Finally, 33 percent claim that restrictions can make it too difficult to utilize rewards.