Credit card holders over 50 'less likely to run up late payment fees than younger users'
Research from Saga Platinum credit card has revealed those over 50 are much less likely to run up late payment fees than young credit card holders.
Credit card holders over 50 'less likely to run up late payment fees than younger users' ”
Research from Saga Platinum credit card has revealed those over 50 are much less likely to run up late payment fees than young credit card holders.
According to a study from the credit card provider, nearly three quarters of those aged 50 or over have never missed a payment deadline in their lives.
This is in comparison to almost half of those under 50 who have missed a credit card payment at some point, and 8% of those under 35 who say they regularly miss payments.
Fewer credit card holders over the age of 50 switch credit cards once they have reached their spending limit on another than those under 35.
A total of 9% of those under 35 admit to this habit, compared to 2% of those over 50.
Andrew Goodsell, chief executive of Saga Group, said: "The over 50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines."
The Sage Platinum credit card currently offers 0% on purchases for the first nine months from the date on which the account is opened. After this the introductory rate reverts to the standard interest rate. A balance transfer fee of 3% also applies.
Credit card holders are also able to manage their accounts online.
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