Chase study shows that consumers rely on recurring credit card payments

71% of respondents estimate they waste more than USD 50 each month, which can impact monthly balances and support expenses that are no longer needed. 78% of respondents have a minimum of one recurring charge on their cards each month; 40% have between three and five.

Almost 70% of consumers note that recurring payments can make it easier to manage and track their money. Conversely, 55% of respondents admit they don’t know how much is taken out each month in the form of recurring payments.

The survey further indicated that consumers want to know where their financial information lives online, including where their credit cards are stored. 60% believe that if they know where their card is stored, it will help them have a stronger grasp on their recurring payments and finances. More than half (56%) say recurring payments are a hassle to track down and on average it takes about three months for them to cancel unneeded recurring payments.

Nearly all respondents (90%) note that it would be valuable to know where their card is stored at all times.