Key Takeaways
- Rewards remain valuable for some users.
- Higher APRs increase downside risk.
- Program adjustments affect net value.
The question exists because rewards programs expanded rapidly over the past decade, shaping spending habits.
Recent changes include higher interest rates and quieter adjustments to points and cashback structures.
Data suggests rewards still benefit consumers who pay balances in full, while costs rise quickly for those who do not.
What remains uncertain is how issuers balance generosity with profitability going forward.
Watching program terms and APR trends will clarify who benefits most in the months ahead.