Question of the Day (Update): How Do People Decide What Credit Card To Get?

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Jun 08, 2020
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Question of the Day, Credit Cards, Current Events

Answer: Rewards!

Excerpt from the Survey:

Generationally, 33% of millennials (ages 23-38) and 34% of Gen Xers (ages 39-54) say APR is the most important factor when deciding which credit card to apply for, compared with 24% of baby boomers (ages 55-73), the survey found.

Boomers are more likely to say rewards or a card’s annual fee is the most important factor — 40% picked rewards as the top factor, compared with 29% of millennials and 31% of Gen Xers, and 24% of boomers pointed to the annual fee, compared with 14% of millennials and 18% of Gen Xers. 

Here are some great follow-up questions to ask your students about this resource:

  1. Why do you think Rewards are the main criteria people use when selecting a credit card?
  2. What is the second top reason people use when selecting a credit card? Why do you think that is?
  3. As income level increases, fewer people select credit cards so that they can build credit. Why do you think that is?

Want this resource and questions in slide format to use in class? Click here!

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Check out the NGPF Activity on Selecting A Credit Card

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.