About 85 percent of U.S. households participate in at least one rewards program. A recent poll of Consumer Reports Money Adviser subscribers found that 41 percent of the newsletter's subscribers carried three to five such cards, 9 percent had six to nine of them, and 3 percent somehow found room on their key rings or in their wallet for 10 or more.
Consumer Reports finds that along with the dizzying number of programs have come increasingly complex rules, restrictions, and limits on how much consumers can earn--making many of the programs not worth the bother.
"Carrying the right cards and ignoring the rest can save you a little money on your purchases, but consumers must choose programs that compliment their spending habits," said Amanda Walker, senior project editor at Consumer Reports.
Some rewards cards do double duty as credit cards. Cash-back, gas, and grocery rewards credit cards can offer some relief for costly essential items, but often carry higher Annual Percentage Rates than traditional credit cards. Looking at some of the more generous credit card rewards programs, CR found that rates varied from 9.74 % to as much as 19.99 %.
