COLUMBUS, Ga.—Debit cards were the most popular payment method in the United States in 2017, according to a new report.
A study by TSYS found 44% of consumers preferred paying that way, compared to 33% who preferred credit cards.
“Here's where it got interesting—each time you went up an income bracket, the percentage of consumers who preferred credit cards grew,” noted Yahoo Finance in its analysis.
Among consumers who made between $25,000 and $49,999, only 25% preferred credit cards compared to 50% who preferred debit cards. But among consumers who made more than $75,000, credit cards continually won out, Yahoo Finance said.
The report shows that rewards continue to be very popular, with 68% calling rewards their favorite credit card feature.
“Wealthier consumers are even more enthusiastic, as it was the favorite feature of almost 80% of consumers making over $75,000 per year,” said Yahoo Finance.