Fifty-four percent of respondents said that a 0% APR would prompt them to fill out an application for a new credit card, and 50% said that getting cash back rewards on purchases would do the trick.
The Raddon Financial Group surveyed 1,200 people in the United States during October 2015. Respondents were broken into four age groups, classified as follows:
• Traditionalists, born between 1922 and 1945
• Boomers, born between 1946 and 1964
• Generation X, born between 1965 and 1978
• Millennials, born between 1979 and 1999
Credit card rewards programs were popular with all age groups, as were zero-percent interest incentives and cash back rewards. Eighty percent of people who said they had a credit card that offered rewards reported redeeming those rewards on a regular basis.
Instant issue, ID theft, and low interest are popular perks
Other credit card perks that proved popular with cardholders were identity theft protection, low interest rates, and no annual fee. Another feature people like is instant-issue credit cards. These cards offer consumers the chance to save on their first purchase at a store when they apply and are approved for a card right away. Accounts are opened immediately and a discount is applied at the register.
Holiday sales such as Black Friday and Cyber Monday are times when many people open instant issue credit card accounts, as well as throughout the holiday shopping season. When people tend to be spending large amounts, the payoff for opening a card that offers a percentage off the first purchase is greater.
As for other features people want in a credit card, no annual fee is a favorite perk for 64% of survey respondents, while 58% look for low ongoing interest rates. Forty-two percent of folks said that identity theft protection was a major bonus in a credit card.
Cash is the most popular credit card reward, favored by 56% of those surveyed, while rewards points come in second with 40% of respondents, and 17% prefer frequent flyer miles.
Read Also Related News
-
26 Apr
Mobile payments are gaining momentum, and that’s being demonstrated by the success of Visa Checkout, the online payment option for folks with a Visa card and a mobile device, desktop, or laptop computer. More than 20 million people have...
-
17 Jan
Everyone always vows to save more money, especially around the new year, when resolutions are at a fever pitch. But in fact, statistics show that 90% of all households save less than 2% of their disposable income. In order to encourage...
-
13 Oct
There are so many different rewards offered by different credit cards now, it can be hard to keep track of what’s available. Between points, miles, cash back and statement credits, it can get a little confusing. But consumers are not...
Customer Questions
-
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
-
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
-
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
-
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...