There are different relationships that people foster around the world. There’s a romantic relationship, a relationship with your family and friends, a relationship in the workplace, relationship with whoever “god” you believe in, and of course, a relationship with your credit cards. This love-hate relationship that you have with your credit cards can sometimes tell people what kind of person you are or how well of a provider you can be.
This relationship between millennials and their primary credit card is the subject of inquiry we have today. Results from the study can be summarized by saying that half of the millennial credit cardholders say that their credit card lasted longer than their recent romantic relationships.
CompareCards asked credit cardholders about their most recent credit card break up, the last time they changed the credit card they used the most, and compared it with their recent romantic breakups.
The survey revealed that it is clear that millennials in America don’t easily break up with their primary credit cards, and when they do, it’s usually because of APRs rather than rewards.
Half of the millennials and a third of baby boomers said that they had their primary credit cards longer than their recent romantic relationship; overall 41% of Americans agreed. Interestingly, baby boomers are less likely to change their credit cards with 37% saying that they have not changed their credit cards at all.
Furthermore, 25% of cardholders expressed their love for their cards as they said that they don’t have any plans of changing their cards in the near future.
A card with a better APR program is the most common reason for someone to change their cards and switch to another one with better offers. Also, 17% of them said that lucrative rewards
Additionally, 25% of cardholders closed one credit card last year, and another 20% are planning to close one this year.
Matt Schulz, Chief Industry Analyst at CompareCards, said that if you don’t change credit cards at least occasionally, you are leaving money on the table. If you have not used your card for a while, you have to re-evaluate what your purpose in keeping the credit card for and what it means to you. He also said that while breakups are hard to do, in financial management, sometimes the best way to go is to move on.