Credit Card Use: Young Seek Credit Scores, Seniors Aim for Travel

Jan 11, 2024

How Age Affects Credit Card Priorities

Younger Consumers Prioritize Credit Score Building

Younger consumers are using credit cards to build their credit score, but are less concerned about interest rates and fees and less likely to be motivated by travel benefits.

  • 18-29 year olds are 66% more likely to cite credit score improvements as a motivation to get a credit card, while 65+ year olds don't mention this reason at all.

  • 65+ year olds are twice as likely to cite travel benefits as a reason to get a credit card.

  • 18-29 year olds are 28% less likely to mention interest rates and fees as a driver in choosing a credit card.

Older Consumers Seek Travel Benefits

Over 65s are the most likely age group to have a credit card and 30-44 year olds are the least likely, with 30% choosing to avoid them.

Top Reasons for Avoiding Credit Cards

The top reasons for not having a credit card are:

  • past debt issues

  • credit is too low/ineligible

  • fear of overspending

  • deposit requirements

  • high interest rates

  • lack of knowledge

  • can't afford it

  • finance charges

Consumer Quotes from the Video Database

"I try to keep my credit cards to a minimum because I got a real pickle with credit cards when I was younger, so I am very weary of credit cards."

"I don't have any credit cards and I just really don't like credit cards. I feel like they're a setup for failure."

"I do not currently have any credit cards. I'm unemployed, out of work, single mother, so trying to avoid any more debt."

"I have applied for a few credit cards, but my score is kind of negative right now. So most cards that I do apply for are secured credit cards at this time."

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