AUSTIN, Texas, Feb. 18, 2016 /PRNewswire/ -- 25 million credit cardholders haven't changed their go-to credit card in at least 10 years and another 20 million have never changed it, according to a new CreditCards.com report. Click here for more information:
The competition among credit card issuers is hotter than ever, said Matt Schulz, CreditCards.com's senior industry analyst. That is great news for consumers and has led to the most lucrative sign up bonuses and spending rewards in history, especially for those willing to switch cards.
"The truth is that loyalty doesn't pay when it comes to credit cards," Schulz said. "It is especially true with rewards because the quickest way to rack up rewards is to sign up for a new card with a big signup bonus. That means that if you haven't gotten a new card in the last five years or more, you've missed out on a tremendous amount of possible rewards."
- Senior citizens are the most loyal: 31% have been using the same card most often for at least a decade and 20% have never changed it.
- More than one in four people between the ages of 30 and 49 haven't changed their favorite credit card in at least six years.
Rewards are Americans' favorite credit card feature. 35% of all cardholders and 43% of millennial cardholders chose this response. The second-most popular answer overall was "it is accepted most places" (23%), followed by "it has a low interest rate" (21%).
When consumers sign up for a new credit card, Schulz says they should leave old accounts open in order to help their credit scores. That aligns with the main reason preventing cardholders from canceling cards: 44% say it's because they're afraid of hurting their credit score. An inability to pay off the remaining balance came in second (26%).
CreditCards.com offers free monthly credit reports, scores and analysis at http://my.creditcards.com.
CreditCards.com commissioned Princeton Survey Research Associates International to obtain telephone interviews with 639 credit cardholders living in the continental United States. Interviews were conducted by landline and cell phone in English and Spanish by Princeton Data Source from February 4-7, 2016. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error is plus or minus 4.6 percentage points.
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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