Consumers aged 50 and over are most likely to use more than one credit card to manage their finances, according to new research conducted by Saga.
More over 50s have two or more credit cards than any other age group, with 49% using more than one credit card and 7% saying they carry five or more credit cards in their wallet.
Nearly three-quarters (73%) claim to have never missed a payment deadline, compared with 47% of under 50s who admit to having missed a credit card payment at some point and 8% of under 35s saying they regularly do so.
Over 50s card habits healthy, say Saga
‘The over 50s are much wiser when it comes to using credit cards, not exceeding their limit or missing payment deadlines,’ said Andrew Goodsall, chief executive of the Saga Group.
‘Choosing a card with a fair order of payments is one if the most effective ways of managing your credit card spending, as people can be sure they are paying the most expensive debt first, which is reassuring in the current tough financial climate.’
Good credit card practice
Which? Money credit card expert Martyn Saville said: ‘Having a different credit card for different purposes is a generally a good idea. If you transfer a balance to a card at 0% and then spend on the card, most card providers will allocate any repayments you make against the cheapest debt first. Don’t hold onto cards you never use as you could be opening yourself up to fraud if your card is stolen.’
Saga and Nationwide are currently the only providers to operate the order of repayments system that allows you to pay off the higher interest rate debt first
Visit the Which? website to check the rates of interest and see our current Best Buy credit cards. If you’re not sure which credit card best suits your needs, check out our advice guide on choosing a credit card.
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