32 Million Credit Cardholders Haven’t Switched Preferred Card in Over a Decade
The number is rather eye-catching, as 32 million U.S. credit card users haven’t changed their favorite credit card in at least ten years—what’s more—another 21 million have never switched period.
These outstanding findings come courtesy of the hard work completed by CreditCards.com.
“If you never change credit cards, you miss out on a big opportunity to rack up rewards. It’s as simple as that,” said Matt Schulz, CreditCards.com’s senior industry analyst. “These offers have never been more generous, so now is the time to act.”
The market is split hap hazardously between people who have not changed their favorite credit card in a long time and those who have gone looking for a brand new one, with a small margin of cardholders in the middle of the road.
In fact, 42 percent have selected a new card of choice with the past three years over 38 percent that have literally never strayed from their preferred card or haven’t done so in the past 10 years. This leaves a meager 19 percent who most recently made a substitution between four and nine years ago.
“I find that strange because if you like rewards – as most cardholders do – then you should really like sign-up bonuses,” Schulz added. “This is another reason to compare cards ASAP if it has been a while. It normally takes a lot of spending to accumulate 50,000 points/miles, so accomplishing that with a single sign-up bonus is pretty incredible.”
The older millennials that fall between the ages of 27 to 36 are the points and miles accumulators, with them accounting for 62 percent of the preferred credit card bonuses. Only 35 percent makes up the rest of the age population.