Credit Card Use and Sentiment in the US
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Credit Card Survey: Key Insights and Findings
How Do People Feel When Getting Their First Credit Card?
How Many Cards Are Too Many Cards?
Why Do People Get Credit Cards?
To build credit: 58% To earn rewards/points/cash back: 44% To make big purchases: 43%
What Credit Card Perks Do People Care Most About?
How Much of Their Expenses Do People Charge to Their Card?
How Much Credit Card Debt Do People Carry Month to Month?
The most common balance people carry month to month is between $1 to $2,500 (40% of respondents reported this) About 13% of people carry zero debt, month to month. About 7% of people carry a balance of $10,000 or more, month to month.
Do People Actually Sign Up for Credit Cards on the Spot?
Who Uses Credit Cards More: Spouses or Singletons?
Should I Memorize My Credit Card Number?
What Do People Regret Buying Most With a Credit Card?
Too many Pokemon cards A four-wheeler from a mall shop An extremely overpriced rug A pizza Crypto Crystals Gifts for other people (many respondents reported this regret)
When Do People Think Most About Their Debt and Savings?
Men’s vs. Women’s Credit Card Spending, Attitudes, and Behavior
Why Do Men and Women Get Their First Credit Cards?
66% of men say they've gotten a credit card just for a specific discount then canceled the card immediately, compared to 47% of women who said the same. Nearly 30% of men applied for a new card for the signup incentives, compared to just 18% of women. Finally, 27% of men said they got their first card because they had a preapproved offer, nearly double the percentage of women who said the same (15%).
Show Me … the Credit Card Statement!
Credit Scores, Rates, and Limits Are a-Changin’
Generational Differences Among Credit Card Holders
Boomers: Born 1946-1964 (ages 57-75 as of 2021) Generation X: Born 1965-1980 (ages 41-56 as of 2021) Millennials: Born 1981-1996 (ages 25-40 as of 2021) Generation Z: Born 1997-2012 (ages 9-24 as of 2021)
A Fast History of Credit Cards
1958: First national credit card system introduced, though not all states used it 1966: First all-purpose credit card introduced. 1968: Truth in Lending Act requires credit card disclosures to be standardized and clear. 1970: 51% of households have credit cards. 1974: Consumers can legally dispute charges; discrimination based on race, gender, marital status, religion, or national origin banned. 1977: Predatory debt collection banned. 1986: Fees were added to the above interest rules; Discover introduces the first credit card with cash back rewards. 1987: American Airlines and United start to offer credit cards with frequent flier miles. 1998: Nearly three-fourths of American families have at least one credit card. 2009: The CARD Act passes, making card usage safer, limiting who can get one; credit card numbers can be more safely used online. 2017: $1 trillion in national credit card debt reached for the first time. 2021: 83% of households have credit cards.
Credit Card Worries Based on Generation
Boomers Worry About Identity Theft
Gen X-ers Worry About Interest Rates
Millennials Worry About Overspending
Gen Z-ers Are Most Afraid of Being in Debt
Why Did Different Generations Get Their Cards?
Credit Card Spending Habits by Generation
It’s on the House
All Generations Care About Credit Scores
Generational Differences in Credit Card Balances
30% of those over 40 have a monthly balance of $5,000 or more, compared to 23% of those under 40 owing the same amount The percentage of people over 40 years old who carry a monthly balance over $10,000 was nearly twice that of people under 40 (9% vs 5%)
Boomers: The Outliers
Successfully negotiate a lower credit card interest rate Know their credit score Ask for a higher credit limit Have at least one credit card memorized Be worried about overspending with their credit card Take out a credit card for a promo and cancel when it arrives in the mail
A Credit Carol
Summary: Credit Card Spending Habits and Beliefs
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