Harris offers insight for WalletHub article on credit cards
The article featured expert analysis from Chris Harris, assistant professor of finance, about credit card rewards programs.
A recent WalletHub article about the potential benefits and dangers of credit card rewards programs including insights from Chris Harris, assistant professor of finance.
Harris's analysis was part of the site's larger 2019 Credit Cards Rewards Report that examined a variety of rewards programs credit cards are offering. Harris advised that many don't fully examine how much they might be paying interest by carrying a balance on a credit card, even if it does have rewards.
"One of the latest studies I saw shows there is over $1 trillion in credit card debt with the average American having $6,300," Harris said. "The majority of credit card users actually carry a balance, so the net effect is they are paying more in interest than they are earning in rewards. This is wealth destructive and, in my opinion, more important than the thought given to the style of rewards given."
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