For some, credit cards are a major part of tax season, survey finds
Paying tax debts with credit cards is an option many people exercise
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider.
Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season.
- 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. And 21% of respondents that have owed taxes in the past said they’ve paid with a credit card.
- 58% of people planning to pay taxes with a credit card indicated they were doing so in order to earn rewards or introductory bonuses. However, people who decided to do that have to research whether the rewards gained would be more than processing fees for credit card payments.
- Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
- 37% of respondents planning to pay with a credit card this year indicated it was because they didn’t have the funds to pay otherwise.
To view the full survey, click here.
Graham Media Group 2020