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Best Secured Credit Cards with Low Deposit Requirements –January 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

secured credit cards
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Secured credit cards are used as a tool to build credit history from scratch or put positive information on a credit report after negative incidents such as bankruptcy, missed debt payments or accounts in collections. By feeding positive information into a credit report, you can improve a credit score, which is essential for getting the best financial products on the market.

In order to be eligible for a secured credit card, you must provide a minimum deposit. This deposit typically serves as your line of available credit, but in some cases your line of credit may be higher. Plenty of secured cards require rather hefty minimum deposits of $300 or more, which may be prohibitive for many Americans living paycheck-to-paycheck.

Fortunately, alternatives to the high deposits exist. We’ve pulled together a list of the best secured cards that require a deposit and/or credit union membership fee of $200 or less.

$200 minimum deposit: Discover it®Secured

Discover it® Secured The Discover it® Secured has a minimum deposit of $200. This is our favorite secured credit card for a number of reasons including: no annual fee, the ability to earn cash back, and our favorite feature — automatic monthly reviews of your account that start at month eight. However, the one downfall of this card is the high ongoing APR, but you should always pay your bill on time and in full so you avoid interest charges.

Here are the benefits of the Discover it®Secured in more detail:

Automatic monthly reviews starting at month 8: Discover will start automatic monthly reviews of your account at month 8. If you qualify, you could be transitioned to an account with no security deposit. Even better, you could potentially be eligible for a bigger credit limit. This feature really sets Discover apart from the competition – and your goal should be to get back your deposit as quickly as possible through responsible credit behavior.

No annual fee: There is a $0 annual fee for this card.

Bankruptcy? No problem: If you have filed Chapter 7 bankruptcy in the past, you can still qualify for this card. It is a great way for people to rehabilitate their credit.

Earn cash back: Most secured credit cards do not offer any rewards. With the Discover it®Secured, you have the opportunity to earn cash back while earning rewards. You can earn 2% at restaurants and gas stations (on up to $1,000 of spend each quarter). Plus, get 1% cash back on all your other purchases. Earning cash back is not the primary reason to select a secured credit card, but it is a nice option to have available.

Free FICO® Credit Score: Discover will provide you with a copy of your official FICO® credit score. A good step in proper credit behavior is to monitor your score each month.

Read our review for more information on the Discover it®Secured.

How to go from a secured card to unsecured card: Discover will automatically review your account starting at month eight to see if you can be transitioned to a card without a security deposit. If you qualify, you can receive an unsecured card and your security deposit will be refunded. Note that the reviews are based on various factors, including responsible credit management across all of your credit cards and loans.

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

$49, $99, or $200 minimum deposit: Capital One® Secured Mastercard®

Capital One® Secured Mastercard®

APPLY NOW Secured

on Capital One’s secure website

Capital One® Secured Mastercard®

Annual fee
$0
Minimum Deposit
$49, $99, or $200
Regular Purchase APR
26.99% (Variable)
The Capital One® Secured Mastercard® offers a minimum deposit as low as $49, depending on credit worthiness. If you don’t receive the $49 minimum deposit, you may receive a deposit of $99 or $200. This may be a good option if you don’t have $200 to deposit, just remember that the $49 deposit is not guaranteed. If approved for the card, once you make your minimum required security deposit, you will receive a credit line of $200.How to go from a secured card to unsecured card: Capital One has a new feature where they will automatically review your account for on time payments and will inform you if you’re eligible for an upgrade. If eligible, you will be refunded your security deposit and will receive an unsecured card. The catch is that there is no time frame for when your account will be reviewed. Capital One said that it depends on various credit activities.

$200 minimum deposit: Citi® Secured Mastercard®

Citi® Secured MasterCard®

APPLY NOW Secured

on Citibank’s secure website

Citi® Secured MasterCard®

Annual fee
$0
Minimum Deposit
$200
Regular Purchase APR
24.74%* (Variable)
The Citi® Secured Mastercard® is a no frills secured credit card. There is a $0 annual fee and a $200 minimum deposit requirement, like most cards on this list. Unfortunately, there are no rewards associated with this card — however that’s typical for a secured card. When coupled with responsible credit behavior, this card can help you build credit and work your way to an unsecured card.How to go from a secured card to unsecured card: Citi will hold your security deposit in a Collateral Holding Account for 18 months. Prior to the 18-month term ending, Citi will send you a notification in the mail informing you if you will be transitioned to an unsecured card. If transitioned, you will receive an unsecured card and your deposit back. If not, you will still have your secured card. The status of your account at the end of the 18-month term and whether you get back your deposit depends on your account history and other credit factors.

$100 minimum deposit: Visa Classic Secured by Justice FCU

Visa Classic Secured Card from Justice FCU

APPLY NOW Secured

on Justice Federal Credit Union’s secure website

Visa Classic Secured Card from Justice FCU

Annual fee
$0
Minimum Deposit
$100
Regular Purchase APR
16.90% Variable
You can join Justice FCU if you are an employee, retiree, or family member of the Department of Justice, Department of Homeland Security, United States Courts or another qualifying group. If that doesn’t apply, don’t fret. Anyone can join JFCU by first becoming a member of an eligible JFCU association like the National Sheriff’s Association, charges a $41 membership fee for auxiliary or student members. It only costs $5 for eligible individuals to join JFCU, so that would raise the total cost of membership to $46. Credit limits range from $100 to 110% of pledged shares.Note: Justice FCU makes it hard to find the Visa Classic Secured card on their site. When you’re on their credit cards webpage, scroll to the bottom then click on the ‘Apply Now’ directly below the VISA Classic card. That will take you to a new page where you need to click ‘Apply Online’ to land on a general application page. From there select ‘Credit Card’ and the ‘VISA Classic Secured’ will be displayed. You can call customer service to obtain more information on the card.

How to go from a secured card to unsecured card: Justice FCU doesn’t provide automatic reviews of your account or a simple way to transition to an unsecured card — you need to initiate the upgrade to an unsecured card. To do this, apply for one of their unsecured credit cards. Then, upon approval, your secured card will automatically be cancelled and you will receive your security deposit back. Note that your approval for an unsecured card depends on your creditworthiness.

Best Strategy for Rebuilding Credit

The strategy for building a strong credit score with a secured card is simple. Make one small purchase each month ($10 or less), wait for your statement to come in, pay your bill on time and in full and then repeat the next month. By making just small purchases, you’ll be using a very low amount of your overall credit limit (also called utilization), which helps drive your credit score up faster because it shows you’re responsible.

Keep an Eye on Your Credit Score and Credit Report

Once you’re in the process of building or rebuilding your credit, it helps to have a benchmark. The easiest way will be to establish a profile with one of the free credit score websites: Credit Sesame, Quizzle, Credit Karma. Do a monthly check in with your credit score to see how it’s improving.

In addition, you should also keep tabs on your credit report by downloading the report from each of the three bureaus. By law, you’re entitled to one free report from each bureau per year. You can download them all at once or space them out throughout the year. Go to annualcreditreport.com to download your free reports. Monitoring your reports will ensure all the information there is accurate and alert you about anything that may be damaging to your score, like an item in collections or reported missed payments.

A Word to the Wise

Never carry a balance on your secured card. The point of a secured card is to be building (or rebuilding) your credit history. Make one small purchase a month and pay it off on time and in full. Follow those two steps and you’ll see your credit score start to raise quickly.

Find other secured card options on our secured card comparison table.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Best of, Credit Cards

Longest 0% Purchase Credit Card Offers From Banks &Credit Unions –January 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

0% purchase credit card
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If you’re about to make a big purchase that you need time to pay off, using a 0% introductory purchase offer on a credit card could be the cheapest way to spread the payment out over time.

  • You can currently find 0% deals for as long as 20 months with no fees, but since rates after the intro period are high, only use these deals if you’re sure you can handle paying off the debt before the period is up.
  • When searching for 0% purchase cards, make sure you select a card that waives interest. Far too many cards, especially those offered by retailers only defer the interest which means you can get get a nasty surprise when the intro period is up.

Below we list the longest 0% purchase credit cards broken up by length of 0% intro period from our database of over 3,000 credit card products from banks and credit unions:

20 Months 0% Intro APR

U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card

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on US Bank’s secure website


The U.S. Bank Visa® Platinum Card offers a long 0% introductory APR for the first 18 billing cycles for purchases and an 0% introductory APR for the first 18 billing cycles for balances transferred within 60 days from account opening (after, 14.74% to 25.74% Variable APR). However, this card offers few other benefits. There is no rewards program, but there is cellphone protection that can reimburse you for damage or theft up to $600 (with a $25 deductible), for up to two claims ($1,200) per 12-month period when you pay your cellphone bill with your card.

18 Months 0% Intro APR

TruWest Visa® Signature Card

TruWest Visa® Signature Card

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on TruWest Credit Union’s secure website


The 0% introductory APR for 18 months on purchases and balance transfers for the TruWest Visa® Signature Card is one of the highest for a credit union. It also has a very low ongoing APR of 10.15%-11.15% Variable after the intro period ends. This card is restricted to people who live, work, own a business or go to school in select Arizona and Texas communities or who work for select employers. You can read more about membership eligibility on TruWest’s website. You can earn 1 point per dollar spent, and up to 10 extra points per dollar spent by taking advantage of bonus point offers with the Get Extra Points Rewards Program. You can also earn up to 1.5% cash back with the trurewards program.

TruWest Visa Platinum Card

TruWest Visa Platinum Card

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on TruWest Credit Union’s secure website


Another card from TruWest that offers a long intro period is the TruWest Visa Platinum Card, with 0% introductory APR for 18 months on purchases. Again, this card is only available to TruWest Credit Union members. This card has one of the lowest starting variable APR ranges at 8.20% - 22.20% Variable, which is beneficial for anyone who qualifies for the low rate and may carry a balance after the intro period ends (though we recommend paying off debt beforehand).

TruWest Platinum Points Visa Rewards Card

TruWest Platinum Points Visa Rewards Card

APPLY NOW Secured

on TruWest Credit Union’s secure website


The TruWest Platinum Points Visa Rewards Card has a competitive 0% introductory APR for 18 months on all purchases and balance transfers. After the intro period, the purchase APR is 10.15% - 17.15% Variablee. As with the other TruWest cards, this one is only available to members. You can benefit from a rewards program where you Automatically earn up to 1 point for every $1 you spend, and earn up to 10 extra points per dollar spent. Also, earn up to 1.5% cash back with the TruRewards program. However, this is a low rewards rate compared to other 0% intro purchase cards on this list.

15 Months 0% Intro APR

The Amex EveryDay® Credit Card from American Express

The Amex EveryDay® Credit Card from American Express offers an intro 0% for 15 Months on purchases and balance transfers. After that, your APR will be 14.99%-25.99% Variable. This card is a great choice for people who want to take advantage of the 0% intro periods and earn rewards. With the cash back program, you can earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

The information related to The Amex EveryDay® Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom Unlimited®

Chase Freedom Unlimited®

The Chase Freedom Unlimited® provides a 0% Intro APR for 15 months
on purchases and a 0% Intro APR for 15 months on balance transfers — that is shorter than other flat-rate cash back cards. After those 15 months, purchases are subject to a standard APR of 16.99% - 25.74% Variable. With the cash back program, you can earn unlimited 1.5% cash back on every purchase – it’s automatic.
The information related to the Chase Freedom Unlimited® Card has been collected by MagnifyMoney.com and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website


The 0% Intro APR on Purchases for 15 months on purchases and 0% Intro APR on Balance Transfers for 15 months means that the Chase Freedom® offers is complemented with a cash back program that is great for those looking to maximize cash back in bonus categories. You can Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. After the promotional period, the purchase APR is 16.99% - 25.74% Variable.

BankAmericard® credit card

BankAmericard® Credit Card

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on Bank Of America’s secure website


The BankAmericard® credit card has a 0% Introductory APR on purchases for 18 billing cycles
(after that, a 15.24% - 25.24% Variable APR applies). There are no rewards; however, this card may be a good option if you plan on making large purchases.

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees


The Blue Cash Everyday® Card from American Express offers an introductory 0% for 15 months on purchases and balance transfers. After that, your APR will be 15.24%-26.24% Variable. There is also a cash back program — earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.

Wells Fargo Platinum Visa® Card

Wells Fargo Platinum Visa® Card

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on Wells Fargo Bank’s secure website


The Wells Fargo Platinum Card has a long period for you to pay off debt with a an intro 0% for 18 months on purchases and balance transfers. Following the intro period, theAPR on purchases will be 13.74%-27.24% (Variable). Besides the promotional APR, this card is fairly basic. It does have one other notable perk: You can receive up to $600 of cellphone protection (subject to $25 deductible) against eligible reasons when you pay your monthly cellphone bill with your card.*

PNC Core® Visa® Credit Card

PNC Core® Visa® Credit Card

APPLY NOW Secured

on PNC Bank’s secure website


The PNC Core® Visa® Credit Card is a basic card that offers Introductory 0% APR on purchases for the first 15 billing cycles following account opening, then 12.24%-22.24% Variable APR, based on your credit. There is no rewards program or noteable perks. However, there is U.S.-based customer service available 7 days a week.

Truly Simple® Credit Card from Fifth Third Bank

Truly Simple® Card from Fifth Third Bank

APPLY NOW Secured

on Fifth Third Bank (OH)’s secure website


This card offers a decent intro period at 0% APR for 15 billing cycles, however this card is restricted to residents of Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia. There is also no penalty APR if you miss a payment. The standard APR of 13.74%-24.74% variable applies after the intro period ends.

BB&T Bright Card

BB&T Bright Credit Card

APPLY NOW Secured

on BB&T’s secure website


The BB&T Bright Card offers a good intro period from a community bank at 0% intro APR for 15 months on purchases and balance transfers (variable 12.99%-21.99% variable APR after). Note that this card is restricted to residents of Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.

Visa® Platinum Preferred Rewards from APG FCU

Visa® Platinum Preferred Rewards from APG FCU

APPLY NOW Secured

on Aberdeen Proving Ground FCU’s secure website


This card offers a competitive 0% intro APR on purchases and qualified balance transfers compared to other credit unions at 0% intro APR for 15 months (12.49% - 17.99% Variable APR after). To qualify for this card you need to live, work, worship, attend school, or volunteer in Harford or Cecil County or certain areas in Middle River, Maryland. There is a subpar rewards program where you can earn one point for every dollar spent on purchases.

KeyBank Latitude® Credit Card

KeyBank Latitude® Credit Card

APPLY NOW Secured

on KeyBank’s secure website


The KeyBank Latitude® Credit Card has a decent intro period for purchases at 0.00% Introductory APR for the first 15 monthly billing cycles. It also has a decent intro period for balance transfers at 0.00% Introductory APR for the first 15 monthly billing cycles. After the intro period ends, 12.24% - 22.24% Variable APR applies based on creditworthiness. This card is restricted to people who live in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington. There is no rewards program.

Chase Slate®

The Chase Slate® has a decent 0% Intro APR on Purchases for 15 months, then 16.99% - 25.74% Variable APR, but you can find other cards with longer periods, and/or rewards. This card is predominantly known for its balance transfer offer where you get 0% Intro APR on Balance Transfers for 15 months and an intro Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Deferred versus Waived Interest

Not all 0% offers are created equally. Some credit card companies offer “deferred” interest, whereas others off “waived” interest.

Let’s take a simple example. You spend $1,000 on a credit card with an APR of 18%. You will make payments of $75 every month. There is a special offer that gives you 0% interest for 12 months. On “Credit Card A” interest is deferred. On “Credit Card B” it is waived. After making 12 payments of $75, the remaining balance in month 13 would be $100.

Credit Card A: Deferred Interest

With a “deferred” interest offer, the bank does not forgive the monthly interest accrual. Instead, the bank just keeps track of the interest that would have accrued. If you do not pay the balance in full during the promotional period, you will get retroactively charged the interest at a high interest rate. In the example above, you would be charged approximately $117 in month 13. (I use “approximately” because credit card companies have slightly different ways of calculating and charging interest. But it is safe to assume that you would be charged more than $100 of interest on your remaining $100 balance.)

Credit Card B: Waived Interest

Waived interest is very different. For every month of the promotional period, the credit card company actually forgives the interest. There will never be a retroactive catch up after the promotional period ends. In our example, you would only be charged $3.26 of interest in month 13, compared to more than $100 in the deferred example.

Deferred interest products are surprisingly common. If you are being offered 0% financing by a retailer, you are probably being offered a deferred interest product.

How To Qualify For A 0% Purchase Credit Card

In order to qualify for a 0% intro purchase credit card, you will need to have good credit. If your credit score is above 700, you are highly likely to be approved by one of the issuers. If your score is between 650 and 700, you still have a good chance.

With a credit score below 650, it is highly unlikely that you would be approved, though you may want to check to see if you are pre-qualified for a card before applying. Many of the banks let you check to see what deals they are specifically targeting to you, and you can see a list of them here. Checking what you’re pre-qualified for won’t show up on your credit report or score.

In addition to your credit score, the credit card company will want to ensure that you are employed. And most credit card companies will look at your debt burden.

If your debt burden is more than 50%, it is unlikely that you will be approved.

The lower your debt burden, the better your chances. You calculate your debt burden by dividing the monthly payments on your credit report (which would include your mortgage, auto loans, student loans, personal loans and credit cards) by your monthly paycheck before taxes are taken out.

When Is A Personal Loan Better?

There is no lower interest rate than 0%. So, if you are able to use a 0% credit card to make a purchase, that is your best bet. However, there are a few circumstances where a personal loan might be a better option:

  • Your credit score is too low for a 0% offer. Personal loan companies are offering increasingly competitive interest rates, especially for people with lower credit scores.
  • You need to borrow money for a big cash expense. For example, you might need to pay a contractor who does not accept credit cards. If you need cash, a personal loan is always a better deal than a credit card.
  • You don’t trust yourself with credit cards. Some people feel nervous with credit cards. You might be tempted to spend more than you want. Or, you might be tempted to only pay the minimum due, extending the repayment term. A personal loan can be an easy way to borrow a set amount of money for a set period of time.

If you want to consider a personal loan, you can compare and apply using our personal loan comparison tool. You can check your interest rate and see if you are approved without hurting your credit score at most lenders.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Have a question to ask or a story to share? Contact the MagnifyMoney team at info@magnifymoney.com

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News

Americans With Holiday Debt Added an Average of $1,230 — Up From $1,054 in 2017

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Consumers taking on holiday debt this season used more credit than last year, piling on an average $1,230, according to an annual survey conducted by MagnifyMoney. This marked an increase from $1,054 during the 2017 holiday season, and $1,003 in 2016.

And what’s more, most of those borrowing for the holidays — a full 64% — said they hadn’t expected to resort to debt for their seasonal spending.

Plastic is still king

In terms of the funding details, 68% of those with holiday debt put it on credit cards, about the same as last year, the survey found.

Personal loans were the second-most common way to finance the season’s costs, with 14%. Store cards came in third, cited as a primary means of credit by 10% of those taking on holiday debt.

The breakdown comes as online shopping is expected to be “especially strong,” with a 19.1% rise over the last year, according to Mastercard’s SpendingPulse™ forecast released Dec. 26.

This is more than double what was spent in e-commerce five years ago, and compares to a 5% growth for total retail sales, excluding automotives, according to the forecast, which covered Nov. 1-Dec. 24 period.

Millennials most dependent on credit

Our survey also showed that the level of holiday debt was heavier on younger consumers.

Millennials with holiday debt spent the most on credit, with an average $1,318. Gen Xers came next, at $1,272, followed by baby boomers, with an average of $1,186.

Lingering, stressful debt

Among respondents with holiday debt, 62% reported feeling stressed about it. Some of this might be because, as mentioned earlier, a similar percentage said they hadn’t planned to fund their holidays with credit. But the lingering nature of the debt could be a factor as well.

Almost half of the holiday debtors surveyed (49%) said it would take five months or longer to pay off the season’s debt, including 22% who said they only plan to make minimum payments on that debt.

In fact, MagnifyMoney’s Credit Payoff calculator shows it would take more than five years to repay $1,230 in holiday debt if you make minimum payments of $30 a month at an annual percentage rate of 16.5%, which is the current national average credit card interest rate, according to recent Federal Reserve data. This would include a hefty $592 worth of interest.

On the other hand, 42% of those surveyed with holiday debt said they expect to have it paid off in three months or less.

Not all interest is equal

With most holiday deficit spending done on credit cards, the potentially heavy interest costs for the 2018 holiday season might not come as much of a surprise. As we’ve reported, Americans are already paying over $100 billion in credit card interest annually, up by more than 35% over the last five years.

But while 16.5% might be the current average credit card APR, not everyone is paying that much. Among those taking on holiday debt, 38% reported paying 10% or less in interest. This includes those savvy consumers taking advantage of 0% APR offers, although just 27% of respondents with holiday debt said they were considering a balance transfer to lower the rate on their credit cards.

Taking measures to slash the interest on your debt — whether through 0% balance transfer cards or even paying off that debt under a consolidation loan — are generally wise moves. If you find yourself snowed under with credit card bills this holiday season, consider ways to save on interest as your repay them in the new year.

Methodology: MagnifyMoney conducted an online survey via Qualtrics from December 21-24, 2018, with 769 adults who reported they added debt over the holidays this year. Percentages may not add up to 100% due to rounding. The margin of error is +/- 4%, and the incidence rate was 35% from a sample of 2,180 adults.

2018 Post-holiday debt survey questions

Average debt among shoppers who said they went into debt over the holidays

2018: $1,230

2017: $1,054

Average debt by generation among shoppers who said they went into debt over the holidays

Millennials (age 22-37): $1,318

Gen X (age 38-53): $1,272

Boomers (age 54-72): $1,186

Did you plan to go into debt this year?

Yes: 36%

No: 64%

How much debt did you take on over the holidays?

Under $1,000: 54%

$1,000-1,999: 22%

$2,000-2,999: 13%

$3,000-3,999: 4%

$4,000-4,999: 1%

$5,000-5,999: 5%

$6,000+: 1%

Where did your holiday debt come from?

Credit cards: 68%

Personal loan: 14%

Store cards: 10%

Payday / title loan: 7%

Home equity loan: 1%

When will you pay the debt off?

1 month: 11%

2 months: 13%

3 months: 18%

4 months: 9%

5 months+: 27%

I’m only making minimum payments: 22%

Will you try to consolidate your debt or shop around for a good balance transfer rate?

Yes: 27%

No – don’t want to deal with another bank: 15%

No – too many traps: 11%

No – Rate is already low: 16%

No – Don’t know enough about it: 18%

No – Wouldn’t qualify: 14%

How stressed are you about your holiday debt?

Stressed: 62%

Not stressed: 38%

What interest rate are you paying on your debt? (percent)
Less than 10%: 38%

10-19%: 30%

20-29%: 25%

30%+: 7%

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

MagnifyMoney
MagnifyMoney |

Have a question to ask or a story to share? Contact the MagnifyMoney team at info@magnifymoney.com

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