ADVERTISEMENT

Preferred payment method differs by income, age

By  and 

Debit or credit card? Income and age affect payment choice, TSYS' 2015 Consumer Payment Choice Survey found.

Debit cards are the preferred payment method for individuals making up to $50,000 a year. Credit races ahead for people with incomes between $75,000 and $100,000 and beyond. 

By age group, debit cards are the preferred choice with two exceptions: people 35-44 and 65 or older, the study of 1,000 consumers who owned a debit and credit card found.

Why the differences?  People with higher incomes may prefer credit because they have more buying power. And younger consumers preferring debit cards may not have had a chance to build much credit. 

"We have found that while younger consumers and those in lower income brackets generally tend to use debit more than credit, in the middle and higher income brackets, usage is driven by a combination of age and income," says Sarah Hartman, senior director of Consumer Payment Solutions for TSYS. 

Income, age affect payment preference
 

 

See related: Payment preference also varies by location, 2013 TSYS study finds, More infographics

To use the graphic on your site, use the following code:

 <center><a href="http://www.creditcards.com/credit-card-news/payment-prefs-income-age-infographic-9313.php"><img alt="CreditCards.com infographic: Preferred payment method differs by income, age" border="0" src="http://www.creditcards.com/credit-card-news/images/infographic-preferred-payments.jpg" /></a> </center>

Published: October 6, 2015


Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Follow Us


Updated: 03-26-2019


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.