Regardless of age, most cardholders (72%) prefer a simple credit card strategy. They want to use the same card or two as often as possible rather than mixing several different cards to maximize benefits.
NEW YORK – Millennials are significantly more likely than older adults to have shopped for a new credit card in the past year, according to a new CreditCards.com report. Some 44% of 23-38 year-olds have done so, compared with 26% of those who are older.
Regardless of age, most cardholders (72%) prefer a simple credit card strategy. They want to use the same card or two as often as possible rather than mixing several different cards to maximize benefits. Those who prefer maximizing benefits over simplicity include 35% of millennials, 32% of Gen Xers and just 24% of Boomers. Those with higher incomes are more interested in juggling multiple cards.
“Many card issuers have pulled back on their introductory bonuses over the past year in favor of longer-term benefits that reward cardholders for ongoing spending,” said Ted Rossman, industry analyst at CreditCards.com. “If you can pay your bills in full and avoid interest, signing up for multiple cards is the best way to take full advantage of these perks. Just make sure to select the cards that best match your spending patterns.”
Rewards cardholders are doing the best job maximizing gas rewards (50% are earning extra rewards beyond their card’s baseline), followed by groceries (48%), travel (45%), restaurants (44%) and online shopping (34%). That leaves 17% who aren’t earning extra rewards in any of these categories.
Travel rewards appeal to some demographics more than others:
- 49% of men who have rewards credit cards earn extra travel points, compared with 42% of women
- 51% of millennials versus 43% of Boomers and Gen Xers
- 51% of Northeasterners, 50% of Westerners, 43% of Southerners and 38% of Midwesterners
Only 31% of U.S. adults have shopped around for a new credit card in the past year. A third don’t know or can’t remember the last time they shopped for cards and 22% say it has been more than three years.
Cardholders with debt are much more likely to have looked around within the past year (47%) than cardholders who are debt-free (27%).
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
