As April 15 quickly approaches, a recent survey of American taxpayers finds that while 62% are aware that the Internal Revenue Service accepts credit cards to pay their federal income taxes only 1% plan to do so. According to the study commissioned by market research firm Ipsos-Insight, Americans are extremely resistant to paying the fees associated with the "convenience" of paying with a credit card, which can range from 2.25% to 3%. Some 75% of respondents say they "definitely will not" use a credit card the next time they pay the IRS opting instead to pay via personal check (70%), money order (3%) or direct debit from an account at a financial institution (15%). The study also reveals that if the credit card payment service were free, 21% of those open to the concept would use it, down from 34% last year.
From the April-13, 2005 issue of Credit Union Times Magazine • Subscribe!
Staking Out the Stats
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