Studies | Credit Card Topics

New Research From Fidelity Investments Reveals More Americans Prioritize Discussing Family Finances

By: Mike Senecal, 12/13/2024

Just-released research from Fidelity Investments finds more American families engaging in substantive conversations about their finances. Fidelity's 2024 State of Wealth Mobility study shows families actively discussing their mutual financial future and aiming to pass on greater wealth than they inherited. Fidelity Investments helps millions of American households turn conversations into action. Passing on more than you inherited is a cornerstone of the American... read more »

99% of Consumers Rely on Online Reviews Before Making Purchases

By: Jon McDonald, 5/21/2024

As an online consumer, purchasing a product with so many similar options available in the market can be difficult. What makes one item better than another? One way to discern between good and bad products is through online reviews. Reviews offer insight that an online description can’t and provide feedback from customers who have used or previously purchased the product of interest. Good reviews can increase sales, while negative reviews may dissuade a customer. We... read more »

7 in 10 Americans Believe the U.S. Is Becoming a Cashless Society

By: Jon McDonald, 5/2/2024

Cash is king, as the age-old adage proclaims. Nothing beats cash in hand when it comes to spending. Yet American consumers are increasingly turning away from currency in favor of cards and phone-based payments, especially after the COVID-19 pandemic. Is this a good thing? We wanted to know what Americans think about going cashless and how many still adhere to the mindset that “cash is king,” so we surveyed over 1,000 people nationwide to see what they had to say. ... read more »

54% of Americans Would Trade Digital Privacy for a Debt-Free Life

By: Jon McDonald, 4/30/2024

In an era where Americans face unprecedented credit card debt of $1.13 trillion, the cycle of debt repayment — often confined to interest alone — has become a relentless burden for many. This has cast a shadow over their financial freedom. Moreover, there are less scrupulous entities that operate online that exploit consumers' vulnerabilities. These companies, such as same-day loan providers and predatory lenders, lure consumers with alluring yet potentially misleading... read more »

Survey: Americans Underestimate Their Credit Scores by 35 Points on Average

By: Jon McDonald, 3/29/2024

A recent survey conducted by CardRates.com has lifted the curtain on a stark reality: Many Americans are playing a guessing game with their credit scores — and losing. The survey asked 3,000 respondents to estimate their credit scores, with an average score emerging from the study of 683. That is a modest figure when compared to the actual national average credit score of 717. Unfortunately, this latest data suggests that many consumers may be navigating their financial... read more »

About 20% of Americans Trust ChatGPT to Review Their Income Taxes

By: Jon McDonald, 3/21/2024

Generative AI tools such as ChatGPT have created another means of obtaining financial guidance, including help with income taxes, and that’s exactly how some people are using the technology. Our latest survey of more than 1,000 US adults revealed that Generative AI is guiding personal finance decisions more than other influences, and the results show that there’s significant trust in that guidance. 14% of Respondents Have Reviewed Taxes With ChatGPT The survey of 1,015 US... read more »

27% of Americans Plan to Open a New Credit Card This Year & Most Want Cash Back

By: Jon McDonald, 3/14/2024

Nearly 600 million credit card accounts recorded in the US as 2023 closed, and the average consumer has nearly four credit cards each. But every person has preferences for the types of accounts they carry, though some are restricted to what their credit score determines they qualify for. We commissioned a survey of more than 1,000 U.S. adults to learn more about the types of credit accounts Americans are opening and how those interests vary by age. The survey found that more than... read more »

Over 130 Million Americans Suffer From Unmanageable Money Stress

By: Ashley Fricker, 3/14/2024

In a groundbreaking survey conducted recently, we reached out to 3,000 Americans from various walks of life to delve into a pressing issue that affects countless individuals nationwide: financial stress. The primary objective of this survey was to uncover the prevalence of Americans who not only experience financial stress, but also perceive it as unmanageable, overshadowing their daily lives. This exploration aims to shed light on the silent struggle many face in balancing... read more »

People in These 10 Cities Were Most Motivated to Pay Off Card Debt in 2023, According to Google

By: Mike Senecal, 3/14/2024

The Federal Reserve Bank of New York's Q3 Household Debt and Credit Report found that Americans collectively hold $1.08 trillion in credit card debt. Yet despite record-breaking card balances, the National Retail Federation (NRF) observed in its 2023 holiday forecast — its annual look at Americans' year-end spending habits — that spending isn't slowing down. NRF projects that retail spending (excluding autos, gas, and restaurants) in November and December 2023 will amount to... read more »

38% of Americans Expect to Carry Holiday Shopping Credit Card Debt into the New Year

By: Ashley Fricker, 3/14/2024

Of the survey participants who expect to carry card debt, 78% said they hope to pay their balances off in one to three months or less. We know credit card debt is already at an all-time high, with balances reaching $1.08 trillion in the third quarter of 2023, according to the Federal Reserve Bank of New York. And with the holiday shopping season upon us, balances are expected to grow even higher in Q4. We commissioned a survey of more than 1,000 people to see whether they plan... read more »

37% of Cardholders Have Recently Fallen Behind on Credit Card Payments, Survey Finds

By: Marcie Geffner, 4/15/2024

Key Takeaways: 37.7% of cardholders polled report having recently missed a card payment due to economic factors. The NY Fed reports that spending and debt are on the rise, which may contribute to constrained budgets and missed payments. 45.2% of cardholders polled don't know how much interest their credit cards are charging them to carry a balance. Rewards are the number one reason cardholders choose to use a credit card for purchases. But rewards earning rates are greatly... read more »

58% of Parents Admit to Spending More on One Kid Than Their Other Children

By: Ashley Fricker, 3/14/2024

CardRates.com’s annual holiday survey also finds that only 1 in 5 consumers say they do not have a holiday budget this year. GAINESVILLE, Fla. – Oct. 27, 2023 – CardRates.com, a website that educates consumers about the benefits and perils of credit cards, released the results of its Q4 2023 holiday survey. In addition to surprising holiday shopping and budgeting trends, the survey found that 58% of Americans admit to spending more of their budget on one of their kids than on... read more »

13 Underrated Travel Destinations to Get the Most Bang for Your Buck

By: Mike Senecal, 3/14/2024

After enduring long and uncertain pandemic quarantines and shutdowns, Americans have the traveling bug again — in big numbers. A recent Forbes Advisor Survey found that 49% of people polled planned on traveling more in 2023 than in 2022. Meanwhile, the popular travel planning site The Vacationer reported that 85% of Americans surveyed planned at least one trip before Labor Day. It’s a safe bet that travel won't suddenly fall off the map when cool weather comes. With vast numbers... read more »

Survey Finds Dads Do More Back-To-School Shopping Than Moms

By: CardRates.com Staff, 12/2/2024

Main Findings: Dads spend more ($300 – $499) than moms ($200 – $299) on back-to-school shopping. Nearly two-thirds of all respondents (62%) will use credit cards, half of whom will use Visa (49%). Nearly 4 in 10 respondents plan to use buy now, pay later (BNPL) options, while 14% will use layaway plans. The top three purchases parents and guardians intend to make include clothing (82%), school supplies (80%), and shoes (77%). More than 9 out of 10 respondents... read more »

10 States with the Lowest Average Tax Refunds

By: Matt Walker, 3/14/2024

It’s that special time of year that makes Republicans, Democrats, and independents cringe while CPAs crack their knuckles as they prepare to eschew the sunlight for several months. It’s tax season. While you would be hard-pressed to find a U.S. worker who is excited about tax season, plenty of people enjoy seeing a nice, hefty refund check hit their bank accounts. A lot of factors go into determining how much a household must pay in federal taxes in any given year. And the... read more »

10 States with the Highest Average Tax Refunds

By: Matt Walker, 3/14/2024

The United States has a long, and at times, contentious history with taxation that even predates the founding of the country. Going all the way back to the days when the U.S. was a British colony, citizens were pushing back on what they saw as an unfair tax system. The protests around “taxation without representation” eventually led to the American Revolution and the birth of the United States. Today, there aren’t many citizens dumping tea in the Boston Harbor in protest, but... read more »

Market Force Study Provides Insights into the Evolving Role of Bank Branches

By: Ray FitzGerald, 3/26/2024

Over three decades ago, some financial experts predicted the imminent death of brick-and-mortar bank branches, noting the advent of internet banking would overwhelm the industry and create a lot of excess real estate. While that grim outlook hasn't come to fruition, Market Force's US Banking Customer Experiences and Competitive Benchmarks Study found that consumers are visiting their bank branch in smaller, but still significant numbers. In fact, 22% of bank customers... read more »

Research Finds Adding Women to a Bank’s Board of Directors Increases Institutional Performance and Outcomes

By: Ray FitzGerald, 3/26/2024

Several studies on the effects of gender diversity on boards of directors returned results that were too wide-ranging to be conclusive. But recent research by Ann Owen, Professor of Economics at Hamilton College, and Judit Temesvary a senior economist at the Federal Reserve Board of Governors, attempts to reconcile previous other findings by using alternative research methods. Their research paper found that the impact of increasing gender diversity on a board of... read more »

Milken Institute’s Center for Financial Markets Studies Washington DC’s Policy and Regulatory Approach to FinTech

By: Ray FitzGerald, 3/26/2024

In a Nutshell: Advances in FinTech have increased industry profits from $3 billion in 2012 to more than $40 billion in 2016. But the industry's rapid growth and development seems to have caught Washington, DC, regulators and policymakers off guard, as new technologies pose challenges to existing regulatory and policy frameworks. Legislative and regulatory developments in the FinTech space have been followed closely since 2014 by the Milken Institute’s Center for Financial Markets... read more »

Balancing Consumer Privacy and Advertising: How the DAA Helps Both Sides Win

By: Mike Randall, 3/26/2024

The internet has become our default tool for gathering information, maintaining social relationships, consuming entertainment, and for many of us, it’s enabling our livelihoods. But the idea that the internet is free is a myth. There is a cost to providing, maintaining, and delivering all of the information and tools we use, and that cost is borne by advertisers. In return, advertisers and their partners gather data about some of our online behavior in an effort to... read more »

Georgetown Center for Financial Markets and Policy Brings Market Structure and Fintech Research to a Global Audience

By: Ray FitzGerald, 3/26/2024

The collapse and subsequent bankruptcy of Lehman Brothers in 2008 knocked over the first domino that would topple several respected global financial institutions. From the chaos of that September came the birth of Georgetown University’s Center for Financial Markets and Policy. The center’s founding principle was to give a voice to the financial market at a time when few wanted to speak. Its focus today — on market structure and policy, corporate governance, and... read more »

Visa’s Practical Money Skills Program Provides Unique & Interactive Tools to Teach People of All Ages Financial Literacy

By: Adam West, 3/26/2024

Practical Money Skills offers students and consumers of all ages a broad array of educational resources and tools for enhancing their financial literacy and money-management abilities. Providing a comprehensive collection of lesson plans, articles, mobile apps, video games, and calculators, the site is a one-stop shop for those looking to improve their overall financial wellbeing. The Practical Money Skills program — developed by Visa and a team of partners consisting... read more »

Tax Policy Center™ Serves as an Independent Watchdog for U.S. Leaders and the Public on Tax and Budget Policy

By: Adam West, 3/26/2024

The Tax Policy Center provides expert advice and analysis on current and proposed tax legislation to educate taxpayers and hold policymakers accountable. The experts at the Tax Policy Center have considerable experience in tax, budget, and social policy earned from years of service at the highest levels of government. Their research, modeling, and interactive tools give the public timely, accessible information to better understand a complex tax code and the effects of... read more »

A Payoff™ Study: Financial Stress Causes PTSD-Like Symptoms in 1 in 4 Americans

By: Amber Brooks, 3/26/2024

Payoff, a lender that blends psychology with finances, recently released a groundbreaking study that found a link between financial stress and Post-Traumatic Stress Disorder. A team of PhDs discovered that the symptoms of PTSD were indistinguishable from the symptoms of financial stress. Dr. Galen Buckwalter, Payoff’s Chief Science Officer, has dubbed this condition Acute Financial Stress (AFS). To identify and treat those with AFS, Payoff developed a... read more »

ValuePenguin’s Data-Driven Research Simplifies Complicated Financial Decisions & Finds You the Best Car Insurance Rates

By: Ashley Fricker, 3/26/2024

No one likes to feel as though they got a bad deal when they make a purchase, and insurance shoppers are no exception. Unfortunately, comparing the insurance options in today's crowded marketplace can be a daunting -- and complicated -- task. Pro-consumer site ValuePenguin simplifies those complex financial decisions by providing high-quality resources to help you understand which options are the best for you. Their redesigned site is easy to navigate and packed full of... read more »

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