Question of the Day: What percent of consumers never change their primary credit card?
Answer: 40%
Questions:
- Why do you think that so many people never change their primary credit card?
- What are the pros and cons of keeping the same primary credit card?
- Can you think of other financial products that people would rarely or never change?
Behind the Numbers (from USA Today):
Why do 40% of Americans hang onto the same credit card for the long haul? Often, it boils down to familiarity and convenience. If you know your card's rewards system inside and out, are used to its payment schedule, and have relatively good credit card terms, then you may not be motivated to seek out alternative cards.
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Looking for more resources to teach your students about credit cards? Check out the NGPF Types of Credit unit page and you will find lots to choose from!
About the Author
Danielle Bautista
Danielle is a native of Southern California and a recent graduate from the University of Maine, where she braved the frigid winters—a feat in and of itself—and earned her Bachelor's degree in International Affairs. She has a passion for working with non-profit organizations and serving populations in underprivileged communities. When Danielle isn't writing NGPF blog posts, spearheading various outreach projects, or managing contests and flash surveys, you can find her doing some sort of outdoor activity, learning a new hobby, or cracking what she thinks are witty puns!
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