Most consumers favor credit cards with cash rebates over the government’s Quintuple Stimulus Vouchers as payment during shopping events at department stores, according to a survey released on Wednesday by Money 101 Ltd (理財一零一).
Eighty-seven percent of survey respondents said they used credit cards that offer cash-back incentives or reward points, such as Line points, during shopping events at local department stores, said Money 101, which provides information on financial products.
Thirty-six percent said that they used their Quintuple Stimulus Vouchers for payment — 23 percent used the digital version of the vouchers, while 13 percent preferred the paper version, the report showed.
Consumers might favor credit cards during the shopping events as many banks partner with department stores to offer special rewards for people who make purchases with the banks’ credit cards, Money 101 said.
As more than half of consumers said they planned to spend more than NT$10,000 during the shopping events, using only government-backed vouchers worth NT$5,000 per person was not enough, it said.
Asked how they decide which card to use, nearly 90 percent of respondents said they choose cards with the best cash-back rate, while 24 and 16 percent of respondents said they considered whether they could earn gifts or apply for interest-free installment programs respectively, the report said.
The least favored means of spending were cash and credit cards with mileage rewards, with only 7 and 2.7 percent of respondents using them respectively, it showed.
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