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Multiple credit cards rife amongst over 50s

Multiple credit cards rife amongst over 50s

Category: Credit cards

Updated: 02/09/2009
First Published: 02/09/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers aged 50 and over are most likely to use more than one credit card to manage their finances, with almost half admitting to using two or more.

Some forty nine per cent of over 50s admitted to using more than one credit card, according to research conducted by Saga, with seven per cent saying they carry five or more credit cards in their wallet.

Less than a quarter (23 per cent) of people aged 50 do not use a credit card, compared to over a third (34 per cent) of under 50s.

Of those who said they held more than one credit card, a third said they utilised all their plastic in the same way, with one five saying they used their cards to give them some breathing space when they need extra credit.

The same number said their credit cards were using for big ticket purchases.

While use of multiple credit cards by over 50s is up compared with the rest of the population, it would seem that they are more likely to make their repayments on time – nearly three quarters (73 per cent) claim to have never missed a payment deadline.

By contrast, 47 per cent of under 50s admit to having missed a credit card payment at some point, with eight per cent of under 35s saying they regularly do so.

Furthermore, over a third of people mistakenly believe that having multiple credit cards cannot have any impact on credit scores, while a quarter believe it can actually improve their rating.

"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."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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