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Credit cards key money management tool for over-50s

Credit cards are a key money management tool for the over-50s, according to new research.

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2 September 2009

Credit cards key money management tool for over-50s”

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A survey by Saga, the financial services provider specialising in the over-50s market, showed that the more experienced credit card customer will tend to use multiple credit cards to juggle their finances.

It would appear that this particular demographic are always on the lookout for new 0% balance transfer credit cards and other tempting deals to reduce any repayments and save money.

"The over-50s are much wiser when it comes to using credit cards, not exceeding their credit limit or missing payment deadlines," said Andrew Goodsell, chief executive of Saga.

"Choosing a card with a fair order of payment, is one of the most effective ways of managing your credit card spending, as people can be sure that they are paying the most expensive debt back first, which is reassuring in the current tough financial climate. "

Saga's survey showed that 49% of over-50s use more than one credit card. A further 7% said they used five or more.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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