By CANDICE CHOI
AP Personal Finance Writer
NEW YORK (AP) — Americans prefer using debit over credit at the register. But a small fee could change that.
A new Associated Press-GfK poll finds that about two-thirds of consumers use their debit cards more frequently than their credit cards. But when asked how they would react if they were charged a $3 monthly fee for their debit card, 61 percent say they’d find another way to pay.
If the fee was $5, 66 percent would do the same. If the fee was $7, the figure rises to 81 percent.
The findings come at a time when consumers are seeing unwelcome changes to their debit cards and checking accounts. Although banks haven’t started imposing monthly fees for debit cards, there are signs higher costs could be on the way.
(Copyright 2011 by The Associated Press. All Rights Reserved.)