Love or credit cards? It’s a no-brainer for some but not everyone.

Half of millennial credit cardholders say that their primary card has lasted them longer than their most recent romantic relationship, according to a new report.

With Valentine’s Day approaching, CompareCards asked credit cardholders about their most recent credit card breakup – the last time they changed the credit card they use the most. The results clearly showed that Americans don’t easily break up with their most-frequently used credit cards, but when a break up actually does happen, it’s most often over APRs rather than rewards.

Key Findings

  • Half of millennials and 1 in 3 Baby Boomers said that their current primary credit card has lasted them longer than their most recent romantic relationship; overall, 41 percent of cardholders said that.
  • Surprisingly, Baby Boomers are the most likely age group to say that they have never changed their primary credit card (37 percent, compared to 31 percent of all cardholders). That means that a lot of boomers have likely completely missed out on the rewards card arms race.
  • More than 1 in 4 cardholders said they never plan to change their primary credit card; 1 in 3 boomers said this, and lower income folks were more likely than higher income folks to say this.
  • The most common reason given for breaking up with your primary credit card: A card with a better APR. Twenty-seven percent said that was the main reason for their last credit card breakup, while 17 percent said more lucrative rewards and 10 percent said rewards that better fit their lifestyle.
  • Higher income folks broke up with their card over rewards, while everyone else did it over APRs. Meanwhile, every age group broke up with their card over APRs, except for the Silent Generation, which did it over rewards.
  • 1 in 4 cardholders closed at least one credit card in the past year (older millennials were most likely to have done so) while 20 percent said they expect to close a credit card in 2019.

“What it comes down to is this: If you don’t change credit cards at least occasionally, you’re leaving money on the table,” said Matt Schulz, chief industry Analyst at CompareCards in a release. “If you haven’t shopped in a while, it’s worth taking the time to ask yourself how you use your credit cards and what you want to get from them. Once you’ve answered those two questions, look at what your current favorite cards offer and ask yourself one final question: Does my current credit card give me the rewards that I want and help me get the most out of what I spend? If the answer is no, it’s probably time to move on. While breaking up can certainly be hard to do, in finances as in relationships, sometimes it is for the best.”

To view the full report, visit here