CHARLOTTE, N.C.–Every credit union working to ensure its card offerings are competitive knows just how challenging the credit card landscape is, and now a new survey offers insights into which premiums consumers value most and those they don’t.

In short, consumers generally don’t appreciate cards that come with access to exclusive events, airport lounges and discounts at specific retailers, the analysis found. Instead, most credit-card holders like their spending rewards in cash. 

Among the roughly 2,000 Americans recently surveyed by Bank of America, 70% said the best perk a credit card can offer is cash back.

‘Most Pronounced’

“This preference was most pronounced among consumers who don’t pay an annual fee for their credit card, at 84%,” BofA said in releasing its findings. “About 75% of cardholders with an annual fee of under $250 ranked cash back as the top reward.”

The survey found card points and airline miles are fairly popular rewards, but getting first crack at concert tickets, access to exclusive events and other “lifestyle rewards” along with “airport lounge access, and discounts at specific retailers were “not highly rated by respondents despite their prevalence in recent marketing,” Bank of America said. 

Differing Preferences

The survey found consumers with premium cards—defined as those with an annual fee of at least $250—had different preferences. Just 33% of this group valued cash back most, while 52% had more appreciation for card points, according to Bank of America.

“The results challenge the idea that premium cardholders tend to be older, given that 19% of those surveyed were under 30, the analysts said,” the bank said. “This group skewed higher-income and male, with 65% of the premium cardholders identifying as male, and 35% as female.”

Roughly 45% of credit cardholders reported having an annual fee of any size.