AUSTIN, Texas, June 23, 2016 /PRNewswire/ -- 93 million credit card holders are still receiving financial statements through the mail, according to a new CreditCards.com report. That includes 43 million who prefer to only receive and review their monthly financial statements on paper.
Amongst those who are receiving monthly financial statements in the mail, nearly 50% said that they wouldn't mind paying for the paper statements, if required.
"It's surprising that in this digital day and age, many people are still receiving financial statements in the mail—I guess old habits die hard," said Matt Schulz, CreditCards.com's senior industry analyst. "The most popular reason to receive financial statements in the mail is for record keeping, and it serves as a reminder that their bill has to be paid as well."
Schulz recommends switching to online statements for all credit cards and bank accounts since they help keep finances organized and easier to track. However, whether people prefer paper or electronic, Schulz adds that consumers shouldn't rely on monthly statements alone.
"With fraud and ID theft rampant around the country, if you're only checking your credit card and bank statements once a month, you're not being diligent enough," Schulz said. "It's a good idea to check those accounts online at least once a week."
- Other popular reasons why people like to receive monthly financial statements in the mail is because they're use to it or they prefer to pay their bills by check, and paper statements provide the envelope and bill.
- 69% of millennials said they'd stop receiving monthly financial statements in the mail if their account was credited $50, compared to 52% of all Americans.
- Credit card holders in the Midwest strongly prefer to only receive monthly financial statements in the mail, more than any other region.
The survey was conducted by Princeton Survey Research Associates International on behalf of CreditCards.com. Click here for more information:
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2015, over 27 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
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