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LATESTNEWS 8:40 A.M. ET8:35 A.M. ETEndo International gets grand jury subpoena from Florida over oxymorphone, stock slides almost 6%UPDATEDObama presidential library by the numbers8:33 A.M. ETEndo shares slide 5.8% premarket8:33 A.M. ETEndo International receives grand jury subpoena from US Attorney's Office in Florida: WSJ8:32 A.M. ETICE U.S. Dollar Index down 0.3% 92.066 My ProfileBULLETIN00:44:58Producer-level inflation climbs 2.6% in 2017, biggest increase since 2011UNTIL NEW YORK MARKETS OPEN Market Snapshot Analyst Ratings4(Home Personal Finance In One Chart' S&P 5002,748 -3.06 -0.11%The latest evidence Americans prefer debitcards to credit cards % GET EMAIL ALERTS
ADVERTISEMENTBy Maria LaMagnaPublished: Jan 10, 2018 9:09 a.m. ET4Debit remains more popular than credit cards, despite having less perks and security benefits
Eduardo Munoz Alvarez/Getty ImagesShoppers are most likely to use debit cards when they pay.There’s a pretty good chance the last time you paid for something, you did it with a debit card.Debit cards were the No. 1 payment method Americans used in 2016, the most recent year for which data was available,according to a report released this week by The Nilson Report, a company that analyzes the card and mobile paymentsindustry. It analyzed data from the U.S. Bureau of Economic Analysis.Consumers made nearly 68 billion transactions on debit cards in 2016, The Nilson Report found, followed by cash with nearly49 billion transactions and credit cards with about 34.6 billion transactions.Credit cards were third even though they receive a lot of headlines for their often generous rewards. They also have far moregenerous rules regarding liability and stolen cards than debit cards, most of which cap liability.
As cash becomes less popular around the world, cards, including debit, credit, prepaid and electronic benefits transfer (EBT)made up nearly 61% of payment volume in 2016, The Nilson Report found. That will grow to more than 69% by 2021.In 2016, consumers for the first time spent more in terms of monetary value on credit and debit cards than they did in cash,according to the research firm Euromonitor International.Although the use of cards is growing, cash “continues to hold its own,” said David Robertson, the publisher of The NilsonReport.“Changing ingrained habits is not something that is easily overcome,” Mark Ranta, the head of digital banking solutions at ACIWorldwide ACIW, -0.17% told MarketWatch. Many consumers prefer cash because don’t want all their transactions to betraceable, he said.
Everything we thought aboutmillennials' money habits was wrongSome consumers use cash and debit cards to avoid debt. That can pay off for consumers, especially at a time when Americansowe more than 1 trillion in credit card debt, and they are expected to take on even more in 2018.However, those who use debit cards or cash can also miss out on a few benefits, including cashback rewards and, critically, theability to improve their credit score and, thereby, pay less interest on loans they take out in the future.See alsoThis is how much the 2017-2018 flu season could cost youIt’s not your imagination, all those work trips are making you sickMy brother told our mom it was a mistake to adopt me — then he put her inassisted careToday's Highest Yield Savings Accounts !Initial Deposit INSTITUTIONAPYMin. DepositSearching for Savings Accounts.LocationAccount TypeSavings & MM Ad DisclosureSMARTASSET.COMQUOTEREFERENCESACIW-0.04 -0.17%MARKETWATCHPARTNER CENTERSPONSORED BY
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Maria LaMagna covers personal finance for MarketWatch inNew York.SPONSORED RESULTS1. Credit Card with 0% Interest5. 0 Balance Transfer Credit Ca 2. First Time Credit Card6. Best Cash Rewards Credit C 3. Credit Cards with Cash Back7. Credit Card Transfer Offers4. Pay Off Credit Card Debt8. Credit Card Cash Advance4 comments1 PERSON LISTENING FollowNEWEST SharePost CommentOLDESTRuss Tanner22 hours agoYOU KNOW WHAT IS STUPID IS THE LAST THREE COMMENTS!Gee, do you think the increased use of debit cards might have to do something with people who have no credit, yet, because they are young or arekids? Giving kids cash is out, debit cards are in. That don't make people stupid.lighten up with the ego.sheeshFlagLikeShareMike PecciniReply23 hours agoI agree, on a stupid American would use a debit card. I won't even use it for an ATM (unless its mine) because I refuse to pay the fees.I get nice reward cash for using my CC and security and piece of mind. I think I received a few hundred last year, just for using my card.When I hear of a friend telling me he used his debit card, it makes me cringe.FlagLikeSharerick sherlockReply1 day ago6% cash back on groceries and 3% on other purchases plus extended warranties why the hell would I use a debit card?FlagLikeShareShow More CommentsPowered by LivefyreReply
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