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Millennials shop for credit cards more than older generations: Report

Ann Schmidt

Millennials are much more likely to look for a new credit card, according to a new report.

In a survey, conducted by YouGov Plc and commissioned by CreditCards.com, 44 percent of respondents between the ages of 23 and 38 said they had shopped for a new credit card within the last year.

Meanwhile, only 26 percent of respondents who are older than 38 said they had looked for a new credit card.

The survey also found that people with debt are more likely to have shopped for a new credit card. Only about 27 percent of people who had looked for a new credit card were debt-free, while 47 percent said they had debt.

Overall, only about 31 percent of respondents said they looked for a new card within the last year while another third said they couldn’t remember or didn’t know the last time they shopped for a credit card, according to the survey.

About 22 percent of respondents said the last time they looked for a new credit card was more than three years ago.

The survey also found that 72 percent of people with credit cards prefer a “simple credit card strategy” — using one or two cards frequently instead of mixing cards to maximize benefits.

Only about 35 percent of millennials, 32 percent of Gen Xers and 24 percent of Baby Boomers prefer maximizing benefits, the study found.

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“Many card issuers have pulled back on their introductory bonuses over the past year in favor of longer-term benefits that reward cardholders for ongoing spending,” CreditCards.com analyst Ted Rossman said in a statement. “If you can pay your bills in full and avoid interest, signing up for multiple cards is the best way to take full advantage of these perks. Just make sure to select the cards that best match your spending patterns.”

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