2010 Credit Card Guide
Credit card guide: Woman's hand holding blue credit card on peach background
credit cards
Why do you apply for a credit card?

Are you a balance carrier?
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Survey results
  • No: 47%
  • Yes, but only during a promotional rate period: 6%
  • Yes, but only when necessary: 18%
  • Yes, most of the time: 18%
  • Yes, always: 10%

A few years ago, a statistic of $9,300 of credit card debt per American household was widely cited. However, this was misleading because nearly half of all credit card users do not carry a balance. Our survey showed that in 2009, the majority of cardholders do not carry a balance or only when the card has a low interest rate.

According to the January 2010 Federal Reserve study on consumer credit, Americans are carrying $874 billion in revolving debt, down from a high of $975.2 billion in the third quarter of 2008.


 

 

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Product Rate Change Last week
Balance Transfer Cards 15.75%  0.02 15.77%
Cash Back Cards 16.45%  0.03 16.48%
Low Interest Cards 10.96% --0.00 10.96%
 
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