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Americans stick to their favorite credit card for a long time — maybe too long

When it involves their favourite credit cards, Americans aren’t terrified of committing to a long-term dating.

Despite the excitement round new, flashy credit cards, many Americans are sticking to the same credit card they’ve had for 10 or more years, a survey out Monday from the credit card web page found. requested more than 1,659 adults with credit cards about their behavior.

Some 28% of cardholders mentioned they have got never modified their go-to credit card. Another 12% mentioned they decided on their go-to card 10 or more years in the past.

Women were much more likely than males to mention they had never modified their card, with 33% of girls pronouncing this compared to 24% of fellows.

Credit-card corporations have competed in as many ways as they can lately to transform that go-to card for shoppers, especially as mobile cost apps and e-commerce sites have risen in recognition. People are changing into much less willing to sort new credit-card details into on-line shopping bureaucracy than they were even 5 years in the past, mentioned Bill Ready, PayPal’s PYPL, +1.98%   chief operating officer.

As a outcome, credit-card corporations have attempted to one-up one every other within the worth of the rewards they provide.

But does hanging onto the same credit card for a decade receive advantages shoppers?

Only if their behavior haven’t modified in as a few years, mentioned Matt Schulz, a senior analyst at

“A 10-year-old credit card, like a 10-year-old jacket or pair of pants, most certainly doesn’t are compatible you really well anymore,” he mentioned in a remark. “Our lives often exchange dramatically over time, and what we'd like and want from our credit card should, too.”

For example, anyone who were given their first credit card once they were just starting of their career and earned a lower wage may benefit by way of upgrading to a card that offers more rewards for upper quantities of spending. Or, anyone who no longer dines out as often may no longer get as a lot use out of a dining-rewards card as they as soon as did.

Indeed, many cardholders may no longer have the appropriate one. At least one in 5 folks have a credit card that doesn’t align with their spending patterns, in step with a survey of more than 20,000 credit-card consumers by way of the promoting information firm J.D. Power and Associates in 2016. And just about one fifth of customers have let credit card rewards expire, in step with a survey of one,000 folks by way of TD Bank.

If you’re considering of changing your go-to card, it's going to repay to stay your account open while you get started a brand new one.

Credit historical past — the period of time shoppers have had credit accounts open — makes up 15% of a the commonly-used Fair Isaac Corporation (FICO) credit score. Closing your oldest credit account can harm your score.