Consumer Payment Card News

Most Cardholders Snoop on Each Other’s Spending Habits

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440306Republicans are almost twice as likely to spy on the spending habits of someone with whom they share a credit card account,as Democrats. Approximately 17 million U.S. credit cardholders have snooped on the spending habits of someone with whom they share a credit card account, according to a new report.

About 20% of shared accountholders admit to sneaking a peek at another person’s spending (16% online and 12% on a paper statement).

Those percentages are down from June 2008, during the Great Recession, when found 20% had used printed account statements to check up on another person’s spending and 15% had done so online.

•The highest and lowest income brackets are equally likely to peek (24%). That includes annual household incomes of $75,000+ and below $30,000, respectively. Just 14% of those with incomes between $30,000 and $74,999 have checked on another accountholder’s spending.

• 17% currently say they feel closer to the other person because of the shared account, almost double the 9% who said so eight years ago. Hispanics (29%) were much more likely than whites (14%) to say this in the most recent survey.

• Arguments over shared credit card accounts have decreased from 19% in 2008 to 12% now.

• 48% of credit cardholders have shared an account with a partner or spouse, 10% have shared with an adult child and 5% with a child under 18 years of age.

• Parent/adult child credit card sharing is the most likely to result in arguments and canceled accounts.

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