Taking Credit: Consumer credit card usage and trends

Taking Credit Consumer credit card usage and trends Monthly Balances 32% of those surveyed 54% of respondents currently carry a monthly balance on their credit card usually pay more than the monthly minimum but not the entire balance Paying off Debt If given an extra $1,000, 44% of respondents are most likely to use it to pay off some form of debt (credit cards, loans, etc.) 25-29 year olds 59% 30-39 year olds 54% 40-49 year olds 47% $1000 50-59 year olds 40% .... .... If given an extra $1,000, women are twice as likely If given an extra $1,000, men are twice as likely to pay off loans to invest in an IRA or stocks Multiple Credit Cards 72% 72of respondents carry 1-3 credit cards in their wallet of respondents carry 4+ credit cards in their wallet 28% Rewards The top 3 ways Cardholders want to be rewarded are cash back, merchandise/gift cards, and rewards for responsibly managing their credit cards 24 86% 62% 47% Rewards for responsibly managing credit cards Cash Back Merchandise rewards or gift cards 1,500 respondents surveyed between February and March 2013 ©2013 Bank of America Corporation Bank of America