Paper credit card bills? OK. Mail back payments? Nah
Study shows we still like to receive, but not return, bills by mail
Data whiz and visual storyteller
A majority of Americans’ monthly credit card bills still get printed on paper and delivered through the mail. But only 1 out of 6 cardholders in turn pay them with paper checks, envelopes and stamps.
Research firm Aite Group found that 37 percent of major credit card bills are being sent by paper delivery only, and another 23 percent are being delivered both electronically and by mail, for a total of 60 percent of bills involving a paper delivery.
Not surprisingly, older cardholders are most likely to get a mailed statement, with 71 percent of seniors receiving their bill by mail. The percent drops with each generation, with paper deliveries going to only 54 percent of millennials.
But the preference between electronic and traditional methods shifts considerably when it comes to paying those bills. Among payment options, the biller’s website is the runaway favorite among all generations, cited by 46 percent of major credit cardholders. Paying via a bank’s website was a distant second at 22 percent and mailed payments came in third with 16 percent.
Although a majority of all generations favor electronic payment methods for their credit card bills, the share of those who still pay by mail increases with age. Among millennials, only 10 percent are sending in a check, compared to 31 percent for seniors.
Aite Group’s survey was conducted online among 1,862 adults who hold a major credit card, with results weighted to represent U.S. Census demographics. Data were collected in the third quarter of 2016, with findings released July 27, 2017.
To use the graphic on your site, use the following code:
- Americans are more focused on their waistlines than their bottom line – Americans are more focused on their waistlines than their bottom lines, a TD Bank survey finds. Millennials, though, buck the trend. They put financial goals ahead of health goals ...
- Millennials redeem card rewards for travel the most; silent generation the least – Millennials are the biggest travel rewards redeemers, a Discover survey finds. The silent generation redeems rewards for travel the least ...
- Fewer Americans stick to financial lessons of Great Recession – Fewer Americans are sticking to the financial lessons they learned in the Great Recession, the American Institute of CPAs finds ...