NEW YORK—Men and women view many of the same things differently, and that includes credit cards. Now, new research offers some insights that might influence how CUs market the product.
“Despite social stereotypes that have long (and incorrectly) equated women with emotional spending and impulsive purchases, data shows they are often more financially savvy than their male counterparts when it comes to credit cards,” NextAdvisor reported.
In fact, NextAdvisor said, women are “significantly” more likely than men to open a credit card to build credit, while men are more likely to get their first credit card to make big purchases. The conclusions are based on a recent study by Lantern, a personal finance site owned by SoFi, that analyzed credit card use and sentiment in the U.S.
The report shows 65% of women named credit building as their top reason to apply for a new credit card, compared to 51% of men. Men, on the other hand, are more likely to show impulsive credit behaviors.
“For instance, 66% of men say they got a credit card to receive a specific discount and cancel the card immediately, compared to 47% of women. And about 30% of men have applied for a new card specifically for the sign-up bonus, while only 18% of women did the same,” NextAdvisor stated in its analysis.
Some ‘Unfortunate’ Findings
Women also tend to carry lower balances. Almost half of women (49%) reported carrying a balance of $2,500 or less, and 16% carried none. On the other hand, 39% of men carry a balance of $5,000 or more, according to the survey’s findings.
“Unfortunately, good credit habits don’t always result in credit wins for women,” NextAdvisor stated.
According to the survey, women were twice as likely (12%) to see no improvements to their credit after getting a credit card, compared to men (6%). Men are also more successful in negotiating lower interest rates: 69% of men said they got a lower interest rate after speaking with their credit card issuer, compared to only 46% of women, NextAdvisor noted.
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