Nearly Half of Credit Cardholders Still Prefer Debit Over Credit
The survey found that those preferring debit over credit commonly reserved their credit card for specific purchases — such as big-ticket items or emergencies — and wanted to avoid the temptation to overspend.
- Debit cards are credit cardholders' preferred primary payment method. 48% of credit card-carrying consumers use their debit card more often than any other payment method.
- Cardholders admit to occasionally shunning their credit card statement due to anxiety. 43% say they sometimes avoid looking at their credit card bill because it's stressful. That sentiment is especially true for Gen Zers (64%) and millennials (60%).
- Women are 41% more likely than men to carry a credit card balance, putting them at risk for costly interest charges. 44% of women typically don't pay off their card in full each month, compared to 29% of men.
- Nearly half of low-income cardholders carry a balance each month — but a surprising number of six-figure earners do, too. Of those making less than
$35,000per year, 45% usually aren't able to pay their credit card bill in full. As for those earning more than $100,000, 22% still carry a credit card balance.
- When it comes to opening a new credit card, some suffer from buyer's remorse. 1 in 4 cardholders regret getting at least one of their cards, primarily because of high interest rates or hits to their credit score.
- Rewards, not interest rates, play the biggest role in how consumers pick their favorite card. Among cardholders with multiple credit cards, 43% say their preferred card has the best rewards, while only 23% say it has the lowest interest rate.
"In the wake of the economic chaos of the past year, it is completely understandable that many Americans would be leery of credit cards," said LendingTree's Chief Credit Analyst,
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/nearly-half-credit-cardholders-prefer-debit-over-credit/.
LendingTree commissioned Qualtrics to field an online survey of 1,011
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