August 27, 2008
CreditCards.com Poll Finds Shared Credit Card Accounts, Dissatisfaction with Credit Cards Are Sources of Anxiety
Austin, Texas, Aug. 27, 2008 – Nearly one in five people who share credit card accounts say use of the accounts have sparked arguments with the other person, according to a new CreditCards.com poll. The amount of personal conflict greatly increases when shared account holders are dissatisfied with their current credit card.
The findings are from the Second Annual Taking Charge survey, which investigates America’s relationship with credit cards. The national study was fielded by GfK Roper Public Affairs & Media for CreditCards.com, the leading online credit card marketplace and consumer information source.
“Sharing a credit card account can be risky if the other person is irresponsible in their spending. Our survey shows there is some concern about this practice and how it affects relationships,” said Ben Woolsey, Director of Marketing and Consumer Research for CreditCards.com. “Whether it's your children or your spouse or partner, you should really be careful about sharing a credit card account.
"Results also show that people's perception of having the right credit card for their needs makes a difference in their happiness," Woolsey added. "Americans sensing a disconnect between themselves and their credit card typically double their likelihood of experiencing relationship discord on shared credit card accounts.”
The CreditCards.com Taking Charge survey also finds:
In addition, the poll shows the value of shopping around for a card that matches your needs. People sensing a misfit between themselves and their credit card are:
To see more of today's survey release, go to www.creditcards.com.
The survey was conducted on behalf of CreditCards.com by GfK Roper Public Affairs & Media, a division of GfK Custom Research North America. GfK Roper Public Affairs & Media conducted a total of 1,001 telephone interviews from June 4 - June 26, 2008 with U.S. residents age 18 and higher. Respondents were obtained using random digit dialing (RDD) procedures to provide statistically representative samples of the U.S. population. The margin of sampling error is +/- 3 percentage points for the full sample, and higher for comparisons of subgroups.
The 2007 CreditCards.com Taking Charge survey referred to in the text was also conducted by GfK Roper Public Affairs & Media and consisted of 1,004 RDD telephone interviews conducted March 5 - March 18, 2007.
CreditCards.com is the leading online credit card marketplace and consumer information source. At its free Web site, consumers can compare hundreds of credit card offers from the nation’s leading issuers and banks and apply securely online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards, offering advice, news, features, statistics and tools – all designed to help consumers make smart choices about credit cards. In 2007, more than 12 million unique visitors used CreditCards.com to search for their next credit card.
Ben Woolsey is director of marketing and consumer research for CreditCards.com and offers his perspective gained from a 20-year financial services career, which involved the design of reward programs and the marketing of consumer and business credit cards for several of the nation’s largest issuers.