While many consumers tap credit cards to bump up credit scores while managing debt and cash flow, the report showed that in the past year, of the 168 million consumers that used a credit card, 137 million have a balance due every month. These regular credit card users are responsible for racking up 96% of U.S. credit card debt and also acquire 80% of cards.
Regardless of the reasons why people use credit cards, the research indicated that 70% of those seeking a card considered data security a top priority, and 75% of active users that are also parents look for credit-building tools when considering a card.
Of those who are considered active card users, 64% look for a minimum of four features when seeking a card, and people living paycheck-to-paycheck and those living with children have the most demanding expectations from their credit cards, according to the report.
Among people living paycheck to paycheck, 82% cited safety measures as “very” or “extremely” important, and 74% had similar sentiments regarding rewards programs. Other important considerations included the quality of customer service, which was mentioned by 64% of respondents living paycheck to paycheck. Interest rates and fees were mentioned by 62%