Maybe a better question is “how long has that credit card been in your wallet?”
New research suggests the older we get, the less likely we are to make a change when it comes to the plastic we’re carrying.
“About 1/3 of senior citizens said they’ve had their card for at least ten years–and about another 20% said they had never changed their primary card” said Matt Schulz with Creditcards.com, who also said more than one in four people between the ages of 30 and 49 haven’t changed their favorite credit card in at least six years.
Schulz told KTSA News the market today suggests you should do at least some looking around.
“Banks are lending more. You add it all up, and we’re seeing competitive rates, low fees, and the biggest signup bonuses we’ve seen” Schulz said, adding “You can get unprecedented rewards, you can get lower rates, and you can reduce fees–if you find a different card.”