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News

44 percent of US-based citizens to apply for store credit cards during the holidays, report

Tuesday 13 October 2020 11:34 CET | News

LendingTree has released a report showcasing that more Americans say they're likely to apply for a store credit card this holiday season (2020) than did in either of the previous two years.

This piece of information comes despite the fact that more than half (56%) of people who say they've had a store credit card say they've regretted getting one. Interest in store cards grows, with more than 4 in 10 Americans (44%) saying they're at least somewhat likely to apply for a store credit card for the 2020 holidays. That's an increase of 20% from 2018, according to the official press release.

Nearly two-thirds (63%) of consumers said that they'd felt pressured by a sales associate in the past to sign up for a new store card. Nearly half (49%) of those who said they felt pressured in the past did actually sign up for the card because of that pressure. Young consumers are highly likely to apply, as are those hardest hit financially by the pandemic. Yet those with incomes of USD 100,000 or more are among the most likely of any group to say they'll apply.

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Keywords: US, United States, store credit card, holidays, LendingTree, cards, pandemic
Categories: Payments & Commerce
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Countries: United States
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