More than 3 in 10 Americans successfully applied for a store card during the holidays
CompareCards revealed that 37% of Americans applied for a retail credit card during the 2019 holiday season, compared to 28% in 2018.
The survey showed that only 28% of those who got a new store credit card during the holidays expect to pay their first purchase off within a month. Furthermore, 14% of those who applied said they were forced into it by the cashier.
A to the major reasons for that, 54% of customers revealed they did so due to a special discount, whereas 27% said they didn’t have the funds to otherwise pay for holiday shopping.
Study shows that only 6% of consumers who applied for a retail credit card were denied, compared to 9% during the 2018 holiday season.
However, customers also unveil they won’t be able to pay their first purchase off in under a month. This way, more Americans are expected to pay off their holiday debts in February and March.