CreditCardClients.com Issues User Research Results on Credit Card Usage

CreditCardClients.com, an independent credit card research company, today announced results from a study of 2,000 Savings Agent users in April and May 2007. The Savings Agent is a free online tool that presents consumers with the top ten credit cards that will save them the most money based on their individual credit profile.

Results from the research study identified three different groups of credit card users: 32% of users were carrying a high but steady amount of debt without regularly using the card for new purchases, 57% were planning to pay off their debt quickly, and 11% were steadily increasing their credit card debt every month.

From a random sample of 2,000 Savings Agent users in April and May 2007, CreditCardClients.com research found that:

1) 57% of users plan to pay off their debt quickly, and carry an average of $5,240 dollars in debt. In order to save money and quickly pay off their debt as planned, optimal credit card offers for this group include cards with an Introductory Rate of 0% and No Balance Transfer fees. A feature that is not as important for this group is the card’s Long-Term Interest Rate. The optimal credit cards for this group offer an average savings of $1,043 over two years.

Top two cards recommended for this group:

•    Citi Home Rebate Platinum Select MasterCard
•    Discover More Card

2) 32% of users carry a high but steady amount of debt with an average balance of $4,354 and do not regularly use the card for new purchases. In order for this group to save money and pay off their debt, optimal credit card offers include cards with long Introductory Periods on Balance Transfers and low Long-Term APRs for Balance Transfers. A feature that is not as important for this group is the percentage of APR on Purchases. Available credit cards for this group offer an average savings of $1,663 in two years.

Top two cards recommended for this group:
 
•    Blue from American Express
•    MERRILL+ Card

3) 11% of users increase their credit card debt every month, and carry an average balance of $3,255. This group pays the most fees on credit card debt, but is also the group that benefits the most from choosing the right card. In order to save an average of $1,939 in two years, this group should look for cards with low Long-Term APR on purchases. Features that are not as important for this group include Balance Transfer APR (either introductory or long term) and Balance Transfer Fees.

Top two cards recommended for this group:
 
• MERRILL+ Card
• Bank of America Visa Platinum Plus

The Savings Agent analyzes details that are often overlooked by individuals who try to compare credit card offers themselves. It takes the fine print of the offers, including multiple interest rates for each offer, balance transfer fees, annual fees and more, and utilizes complex calculations. Together with a debt profile from the user, the Savings Agent™ uses a database of over two hundred credit card offers to present each consumer with the top ten credit cards that will save them the most money.

CreditCardClients.com is an independent credit card research website that receives and analyzes information from top US credit card companies.