As families in the United States get ready for the new school year, the Electronic Payments Coalition (EPC) is drawing attention to how credit card cashback rewards assist households with back-to-school expenses. According to a recent EPC study, households earning less than $60,000 per year redeem cashback rewards more than any other income group during the back-to-school shopping period. The organization says these rewards help families manage essential costs as prices at large retailers continue to rise.
To further support students this season, EPC has donated to Boys and Girls Clubs of America to supply school materials for those in need. More information about cashback rewards can be found at www.CashBackToSchool.com.
“Credit cards do more than make it easier to pay for school supplies, they actually make them more affordable. Cashback rewards are a lifeline for many families, providing a financial boost when it is needed most,” said EPC Executive Chairman Richard Hunt. “This is not just about points or miles. It is about ensuring students have the supplies they need to start school ready to learn and giving parents peace of mind in the process. Credit card cashback rewards help make that possible.”
Back-to-school spending nationwide is projected to reach $41 billion this year, with an average family expected to spend approximately $850 on items ranging from supplies and clothing to electronics.
EPC also notes that credit cards provide security protections as payment fraud attempts have increased by 85%. Features such as zero liability fraud protection and strong data security measures give consumers confidence that their purchases are secure.
“These protections, along with cashback and other rewards, make credit cards essential tools for families, especially during the costly back-to-school rush,” Hunt added.
Hunt recently participated in interviews with television and radio outlets across the country through a satellite media tour where he discussed how proposed legislation like the Durbin-Marshall Credit Card Mandates could impact reward programs and security features.
The EPC states its belief that investing in new technologies and enacting national data security standards will strengthen the payment system overall.