Survey: Americans Have Changed Credit Card Habits

BOSTON (CBS) - Americans are not using credit cards the way they used to. WBZ business reporter Jeff Brown says it's not as 'rewarding.'

We are changing and in turn credit card companies are changing too.

"The credit card is really a tool for purchasing stuff, rather than a debt instrument," Bankrate.com's Jeanine Skowronski says.

We should know that, but while many of us used to be swayed by the rewards attached to the cards, a Bankrate survey finds that's no longer the case.

"People are really using them for convenience, second to that was financing emergency expenses, and then third was racking up rewards," Skowronski says.

The survey says habits changed years ago.

"The recession kind of taught them some lessons about debt and now they're being a lot more careful," she says.

So using cards just to pile up the rewards is not the play today.

"Over the last year or so, issuers have been really beefing up the rewards programs," she says, "because they are going after customers that transact a lot."

In our cashless society, plastic is still king.

"Even with all of these lucrative rewards programs out there, customers are still saying that's not the primary reason they use the cards, then also you know if my rewards program went away, I would still use the card."

So rewards are being beefed up, but instead of frequent flier miles and such, there are cards that reward you for paying on time, and when you pay down your debt.

Credit card companies are looking out for us?

"They want them to use them responsibly, they don't really make any money if they're charging off accounts left and right," Skowronski says.

So credit cards are less about 'what's in it for me', but we still use them, because old habits are hard to break.