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Consumer Credit Card Habits: Motivating usage and trends

With the many advantages of credit cards, like convenience and safety, effective credit card management helps consumers get the most benefits from their cards. Check out the infographic below to see consumer credit card usage, trends and management.

Transcript

Taking Credit: Consumer credit card usage and trends

54% of respondents currently carry a monthly balance on their credit card.

32% of those surveyed usually pay more than the monthly minimum but not the entire balance.

If given an extra $1,000, 44% of respondents are most likely to use it to pay off some form of debt (credit cards, loans, etc.). 59% of 25-29 year olds would use it to pay off debt compared to 54% of 30-39 year olds, 47% of 40-49 year olds, and 40% of 50-59 year olds.

If given an extra $1,000, men are twice as likely to invest in an IRA or stocks while women are twice as likely to pay off loans.

72%of respondents carry 1-3 credit cards in their wallet. 28%of respondents carry 4 or more credit cards in their wallet.

The top 3 ways Cardholders want to be rewarded are cash back, merchandise/gift cards, and rewards for responsibly managing their credit cards. 86% of respondents want to be rewarded with cash back, 62% want merchandise rewards or gift cards, and 47% of respondents are looking for rewards for responsibly managing credit cards.

1,500 respondents surveyed between February and March 2013. © Bank of America Corporation

Consumer credit card usage and trends infographic