Tag Archives: credit card

US News Credit Card Advice for Young Adults

13 Mar

In prior posts, we have studied such aspects of credit as these. What’s in Your Wallet? Cash, Credit Card, Debit Card? Do YOU Understand YOUR Credit Report? And now, we look at credit for young adults. Hence, US News credit card advice for young adults .

US News & World Report is a highly credible source that offers recommendations across a wide range of categories. It even runs a Web site called Rankings & Advice. At that site, education, health, money, travel, cars, and law are covered.


US News Credit Card Advice for Young Adults

Last month, US News reported the results of a survey on credit cards and young adults. And it offers a lot of good advice in such categories as these:

 “U.S. News ran a nationwide survey of 1,427 college students who own credit cards, asking them about their credit card habits and knowledge. The results conveyed that many students don’t have adequate knowledge of credit cards and aren’t currently using best practices needed to build a strong financial foundation.”

Consider these charts.

“Forty-four percent of respondents weren’t educated by their parents or teachers on important topics related to credit usage and management before getting a credit card.”

US News Credit Card Advice for Young Adults

“More than one third of respondents either don’t have an idea of what their credit score is or don’t know what a credit score is.”

US News Credit Card Advice for Young Adults

“46 percent either don’t know what their card’s annual percentage rate is or don’t know what an APR is at all.”

US News Credit Card Advice for Young Adults

“Nearly two thirds of respondents (64 percent) reported that they carried a balance on their card at least once in the last year, with 31 percent reporting that they carried a balance six or more times in the last year.”

US News Credit Card Advice for Young Adults

Now, click on the image below to access US News’ full battery of advice in the areas noted earlier in this section.

US News Credit Card Advice for Young Adults

(HeroImages/Getty Images)


What’s in Your Wallet? Cash, Credit Card, Debit Card?

8 Jan

What’s in Your Wallet? [And yes, we are borrowing this question from Capital One.] Cash, Credit Card, Debit Card? An interesting question, right? In this post, we look at U.S. and worldwide payment trends.

Cash used to be king — now? As reported by the Federal Reserve Bank of San Francisco (FRBSF), in 2012, cash represented 40 percent of U.S. consumer spending. By 2016, this figure had fallen to 31 percent. Furthermore: “Most consumer payments are for small transactions. About 60 percent of in-person payments under $10 are made in cash, compared to 20 percent of in-person transactions for $25 or more.” As online and mobile shopping grow, cash use will drop even further.

Firms of all types and sizes need to aware of these trends. AND plan accordingly.

These are two consumer-oriented posts on credit usage: Do YOU Understand YOUR Credit Report? and Gender and Credit & Earnings: Is It a Level Playing Field?


What’s in Your Wallet? Cash, Credit Card, Debit Card?

Consider these FRBSF infographics.

(1) Estimated aggregate volume and value shares of all payments (including bill payments and non-bill payments). Includes cash, check, credit cards, debit cards, other electronic payments made through bank accounts, and other payments.

What's in Your Wallet? Cash, Credit Card, Debit Card?

(2) Cash used most often for payments less than $25. Credit and debit cards used more often for amounts between $25 and $100. Checks and electronic payments used more often for amounts of $100 and over.

What's in Your Wallet? Cash, Credit Card, Debit Card?

(3) Greater reliance on cash by households with an annual income of less than $50,000 per year.

What's in Your Wallet? Cash, Credit Card, Debit Card?

(4) Those under 35 years-of-age less apt to use cash than those over 35.

What's in Your Wallet? Cash, Credit Card, Debit Card?

The Most Cashless Countries in the World

As Banking Technology asks:

“What countries among the 20 largest economies are adapting quickest to using cashless systems like phones and contactless cards? New research (and nifty infographics) from global trading site Forex Bonuses reveals that Canada takes the top spot, narrowly edging out Sweden for the top position.”

Cashless Countries Around the World


How Will YOU Pay for Your Holiday Shopping?

29 Nov

Interestingly, according to a recent survey of 1,000 people, 39 percent of holiday shoppers will pay for their gifts in cash, 32 percent will pay with a debit card, and only 22 percent will pay by credit card. Three percent will pay by check.
Take a look at this Wall Street Journal video to learn more.


It’s Time for Smart Chip Technology on U.S. Credit Cards

21 Jan

As we recently posted, data security — and the lack thereof — is a huge problem that needs to be fixed for both retailers’ and shoppers’ protection. First, let’s look at some more statistics. Then, let’s consider the best solution.

According to a Ponemon Institute study, as reported by the Wall Street Journal, security breaches have skyrocketed at North American American retailers.

What’s the best solution, keeping in mind that nothing is foolproof?

Harvey Bronfman, an entrepreneur and angel investor, puts it this way: “Why hasn’t the U.S. made the credit-card techno-leap? … it is all about who bears the multi-billion-dollar tab. Until now, cost-benefit analyses by banks and large retailers have concluded that eating the cost of data theft is cheaper than changing over to a more secure system, according to industry analysts. That is perhaps the biggest reason the world’s largest consumer market is so far behind the eight ball on purchasing technology.”

Paul Ziobro and Robin Sidel, writing for the Wall Street Journal, state that:

“Target Chief Executive Gregg Steinhafel is calling on retailers and banks to adopt chip-based credit-card technology to better protect shoppers. But the debate was different a decade ago, when the executive was on the other side of the issue as Target pulled the plug on a $40 million, three-year program that did just that.”

“Chip-based credit cards — in which a smart chip in the card works with special readers installed at stores — are widely used in Europe and Canada, making it more difficult for thieves to profit from the sort of massive data breach that hit Target over the holidays. But the technology has yet to be embraced in the U.S., and as a result, the U.S. has become the preferred target for criminal hackers.”

Click on the image below and then scroll down the WSJ page to see a video clip on this story.

Photo by Getty Images


%d bloggers like this: