“If you have a rewards card, you should probably be using it more often,” Rossman said. “That’s why it’s surprising that credit cards came in so low on the list.”
Rewards credit cards are ideal for small purchases, where you can rack up points and pay off the balance quickly, according to Rossman.
If you do carry a balance — with annual percentage rates currently averaging 17 percent — that can get expensive and outweigh any perks the cards offer.
“You shouldn’t even have one of those reward cards if you’re planning on carrying a balance,” Rossman said.
Younger millennials ages 18 to 27 were most likely to use credit for small purchases under $10, according to the survey.
The phone survey was conducted between August and September and included 1,002 adults.