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Women are from Visa, Men are from MasterCard

When it comes to managing credit and bills, men run the show in most households, and they’re better at it. According to a USA Today Study, men either control or are the main influencers of financial decisions in 30% of US households, compared with just 19% of households where a woman takes the money helm. With few exceptions, men tend to be better managers of money and credit. Let’s take a look at the numbers and see.

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Credit Card Management – A Women’s Perspective

When looking at the numbers between men and women, it is clear that women incur more late fees and over-limit fees than men, while paying less each month but spending more than they make, on average, than men. What this study did not take into account, however, is the percentage of time women make purchases on behalf of others, such as family members, spouses, or significant others. In other words, there is a chance that women shop on credit to take care of the households needs. Here is a breakdown of the numbers:

  • 29% Incur a late credit card fee
  • 39% Pay their credit card balance in full each month
  • 60% Carry a credit card balance
  • 42% Make only the minimum payment on their card each month
  • 16% Incur an over-limit fee
  • 51% Spend less than they earn each month
  • 74% Pay bills on-time

Credit Card Management – A Man’s Perspective

Before gloating over being more responsible and better credit users than women, men need to look closer at the numbers of these studies. Men do incur less late fees and over-limit charges than women. However, there are still 30% of men that spend more on credit than they make, and 55% who carry a credit card balance from month to month. Here are the numbers.

  • 23% Incur a late credit card fee
  • 45% Pay their credit card balance in full each month
  • 55% Carry a credit card balance
  • 38% Make only the minimum payment on their card each month
  • 15% Incur an over-limit fee
  • 70% Spend less than they earn each month
  • 90% Pay bills on-time

So who spend more? For total credit card balances, men spend more, with the average amount being $12,953, compared to $11,486 for women. As a reward for spending more, men also have higher credit scores, averaging 682 compared to 675.

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