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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.