Blog

Survey: More people signing up for credit cards

June 5, 2012

Though many have difficulty understanding language in agreements, recent data indicates that people are opening credit card accounts at a more rapid rate than last year.

Though many have difficulty understanding language in agreements, recent data indicates that people are opening credit card accounts at a more rapid rate than last year.

The 2012 Consumer Financial Literacy Survey revealed that 42 percent of respondents said their payment processing knowledge would receive a failing grade. This comes despite the fact that new credit card sign{-}ups jumped almost 37 percent, according to data from Equifax.

According to industry experts, not everyone should sign up for the same credit card. Instead, they say that every person should understand what they’re looking for.

“Not everyone has the same needs, so being able to compare features and benefits of multiple cards side by side can really help consumers find the cards that best suit their individual needs,” said Stephanie Cobb, business developer for Credit Card Select.

One credit card strategy that has gained popularity is mobile payments. A Pew Research Study revealed that by 2020, mobile credit card transactions would account for the majority of the merchant services-related activity.

Back To Blog