Rethinking America’s Approach to Incentivized Spending 

Consumers are ‘rewards hungry’ for points, miles, or cash back from their credit cards. Incentives to earn these rewards is netting most Americans negative due to high annual percentage rate (APR) on rewards credit cards. Evoshare let’s all Americans satisfy their hunger for rewards without overextending those financially who do not pay their credit card balance in full each month. 

The U.S. News 2019 Credit Card Fee Study: What’s Normal and What’s Not US News Fee Study states that the average rewards credit card has a 16.89% average minimum APR. As of late 2018, 57% of U.S. adults have at least one rewards credit card.  On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date. The Creditcard.com rewards card survey of 698 American adults found that only 41% of consumers actually pay off their rewards card balance in full each month, while the rest fall subject to high APR.

It just doesn’t make sense to pay 16.89% APR just to get 1 or 2 percent in rewards.

What’s the solution to this epidemic?

Evoshare allows Americans to receive cash-back to be put towards their 401(k), student loan(s), or college savings fund when they spend at 10,000+ online and local Evoshare partnered businesses.

The program allows individuals to receive cash-back toward predetermined financial goals through purchases with personal credit or debit cards. By having the option to use debit cards allows the 59% of consumers who do not pay their rewards card balances to still satisfy their hunger for rewards without the negative consequences of high APR. Those that make up the 41% who do pay their rewards credit card balance in full every time can use Evoshare to their double advantage by still earning their rewards on desired credit cards and earning Evoshare’s cash-back from partnered purchases.

By restructuring the way American’s are incentivized by spending away from high APR rewards credit cards to programs like Evoshare, most Americans will lead better lives by paying lower levels of interest on debt while actually saving money toward a 401(k), student loan, or college fund.