CHARLESTON, S.C.—Just 59% of cardholders have paid off their balance transfers before the end of the introductory period, according to a new survey from
CompareCards.
Another 22% said they paid most of the balance, and the remainder had only paid a part of it.
“Balance transfer cards remain a popular choice for Americans. In fact, 41% say they have had a balance transfer card in the past. That number increases with income. A staggering 69% of respondents with a household income over $100,000 have used a balance transfer card at least once, and 47% have transferred balances more than once,” said Bill Hardekopf, CEO of LowCards.com, in his analysis.
Only 28% of households earning under $50,000 had used a balance transfer card, the study shows.
Men were significantly more likely than women to pay off their transferred balances in full (70% vs. 43%) and more likely to get a balance transfer card in general (54% vs. 31%), the study noted.