Survey Shows Nearly Two Thirds of Americans Unaware of 0% APR Balance Transfers
NORWALK, Conn., May 8, 2012 /PRNewswire/ -- According to a recent survey conducted by www.SmartBalanceTransfers.com, 62% of Americans have never heard of 0% APR balance transfer credit cards.
The survey, conducted via Google consumer surveys, asked 1,500 consumers over the age of 18 the question, "Have you heard of 0% APR balance transfers?"
Key insights from the survey (which is publicly available here) include:
- 79.4% of 18-24 year olds were unaware of balance transfers
- Awareness of balance transfers is more than twice as high amongst those aged 35-64 than it is amongst those aged 24 or younger
- Consumers with household incomes between $75,000 and $100,000 were nearly twice as likely to have knowledge of balance transfers than those with incomes below $25,000
- There was little if no discrepancy in awareness levels between men and women
"While the fact that nearly four out of five Americans between 18 and 24 have never heard of 0% APR balance transfers was unsurprising given that this demographic likely has little need for these particular transactions, the fact that awareness never breaches 50% at any age level seems to indicate that credit card literacy is still an issue for many Americans," said Jeffrey Weber , Editor of www.SmartBalanceTransfers.com.
"Another troublesome finding is that only 35.7% of Americans with household incomes between $50,000 and $75,000 are aware of 0% APR balance transfers," says Mr. Weber.
"This is only slightly higher than the 26.4% awareness level of those making less than $25,000 – many of whom would likely fall into the unbanked category. This seems to indicate that a large swath of middle class Americans who could benefit the most from balance transfers are completely in the dark."
For additional commentary on the survey, please see http://www.smartbalancetransfers.com/blog/2012/04/study-shows-majority-of-americans-arent-aware-of-0-apr-balance-transfer-credit-cards-673/
Founded in 2007, Smart Balance Transfers (http://www.smartbalancetransfers.com/) is a leading destination for consumers seeking targeted information on 0% APR balance transfer credit cards. SmartBalanceTransfers.com provides visitors with in depth analysis of credit card offers as well as expert advice and tools to help consumers make wise choices when selecting credit cards online.
CONTACT: Jeffrey Weber , +1-203-651-9739
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