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