Who has 5 cards or fewer?

[Anonymous]

I currently have 4, I'll probably close one, and get 3 more.

[yfan]

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@Anonymous wrote:

A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.

Among the other 2014 findings:

• 33 percent had one to two cards.
• 18 percent had three to four cards.
• 9 percent had five to six cards.
• 7 percent had seven or more cards.

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This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds at campuses, I view this as a positive development.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.

Among the other 2014 findings:

• 33 percent had one to two cards.
• 18 percent had three to four cards.
• 9 percent had five to six cards.
• 7 percent had seven or more cards.

---

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

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How is it positive?

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.

Among the other 2014 findings:

• 33 percent had one to two cards.
• 18 percent had three to four cards.
• 9 percent had five to six cards.
• 7 percent had seven or more cards.

---

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

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Think of what a lucrative market that is, a bunch of greenhorns still spending their parent's money.  Heck, I got my first CC to get a free water bottle.  I don't even know the terms & conditions or interest rate.

I'm glad the market is narrowing.  Now they have to up the ante to get our attention and maybe it gives us an edge in other areas, too.

[Anonymous]

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@Anonymous wrote:

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@yfan wrote:

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@Anonymous wrote:

A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.

Among the other 2014 findings:

• 33 percent had one to two cards.
• 18 percent had three to four cards.
• 9 percent had five to six cards.
• 7 percent had seven or more cards.

---

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

---

Think of what a lucrative market that is, a bunch of greenhorns still spending their parent's money.  Heck, I got my first CC to get a free water bottle.  I don't even know the terms & conditions or interest rate.

I'm glad the market is narrowing.  Now they have to up the ante to get our attention and maybe it gives us an edge in other areas, too.

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Competitive on everything BUT interest rates.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@yfan wrote:

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@Anonymous wrote:

A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.

Among the other 2014 findings:

• 33 percent had one to two cards.
• 18 percent had three to four cards.
• 9 percent had five to six cards.
• 7 percent had seven or more cards.

---

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

---

Think of what a lucrative market that is, a bunch of greenhorns still spending their parent's money.  Heck, I got my first CC to get a free water bottle.  I don't even know the terms & conditions or interest rate.

I'm glad the market is narrowing.  Now they have to up the ante to get our attention and maybe it gives us an edge in other areas, too.

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Competitive on everything BUT interest rates.

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Well, the house is always going to win somehow.  It's like when I got my newest BoA, I was suprised when the CL was 1,000 higher than my other BoA card.  Then I saw the interest rate was about 23%, nearly 10% higher, and I was like "Oh, of course."  I always expect a catch.

[yfan]

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@Anonymous wrote:

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

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How is it positive?

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How it is a positive within the context of keeping banks from taking (as much) advantage of young college students, I explained already. Anything more will require a political debate that isn't suited for this forum.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

This partly explains why credit card companies are becoming more and more aggressive about sign up bonuses: they are being forced to market to an increasingly limited universe. I would also wager that this is in good part due to the CARD act, which banned marketing credit cards to students under 21 unless they could prove independent source of income or get a parent to cosign. Four years ago, 42% of college students had credit cards (including 23% of Freshment and 41% of sophomores). In 2013, that number dropped to 30% (with only 14% of freshmen and 27% of sophomores). Given the loan sharking banks used to practice on newly arrived 18-year olds campuses, I view this as a positive development.

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How is it positive?

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How it is a positive within the context of keeping banks from taking (as much) advantage of young college students, I explained already. Anything more will require a political debate that isn't suited for this forum.

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College students should know better!

[Anonymous]

College students should know better!

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Hey, those punks are taking math, they should know how to calculate interest rates.

[Anonymous]

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@Anonymous wrote:

College students should know better!

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Hey, those punks are taking math, they should know how to calculate interest rates.

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Exactly. I learned math plenty well and I didn't go to college.