Store credit cards’ applications during 2019 holidays: survey

More than 3 in 10 Americans successfully applied for a store card during the holidays

store credit card

How many Americans applied for store credit card during 2019 holidays: survey. Source: shutterstock.com

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.

If you're struggling with credit card debt already, it's probably wise to steer clear of retail credit cards. The math just doesn't work in your favor if you regularly carry a balance.  A 15% discount on a purchase doesn't matter much if you're paying 25% in interest. But if you do give in, make sure you understand the basic card details – rates, fees, deadlines, etc. And if you have good credit, consider moving your store card balance to an introductory 0% APR balance transfer credit card. It can be a great way to keep interest from piling up too quickly
Matt Schulz, Chief Industry Analyst at CompareCards

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