Paymentech Survey Reveals Gas Prices No Deterrent to Memorial Day Travel; Most Travelers Say They'll Hit the Road

DALLAS--May 2, 20045, 2004--Steep gas prices are not keeping Americans off the road this Memorial Day weekend, a new survey reveals. In fact, two-thirds of those traveling this year say they will travel just as far -- or farther -- as they did last year, according to a survey of 1,000 U.S. adults questioned last week. The survey was commissioned by Dallas-based Paymentech, the nation's largest electronic transaction processor.

According to AAA, Memorial Day weekend travel will be up slightly this year, with 37 million Americans expected to travel 50 or more miles from home this weekend.

Most Travelers Will Drive

The Paymentech 2004 Memorial Day Survey reveals that about one-third of Americans, roughly the same number as last year, plan to travel over Memorial Day weekend. Of those who are leaving home this holiday, 79 percent, most of whom are women, plan to reach their destinations by motor vehicle. Adults most likely to travel this year include those who traveled last Memorial Day weekend, those who earn between $50,000-$70,000 a year and residents of the Northeastern United States.

Nearly Half Paying With Plastic

Nearly half of motor travelers will pay for their gasoline with credit (26 percent) or debit (16 percent), and women are almost twice as likely as men to "fill 'er up" using a credit card. Overall, high-income households of $90,000+, women 55 and older, and Americans who live in the Northern part of the United States are most likely to buy gasoline with credit cards this holiday weekend.

Men More Likely to Splurge

Twenty percent of American travelers have put aside more than $400 to cover their Memorial Day vacation expenses. Fully 12 percent of respondents said they have set aside more than $600 to cover their weekend travel. Men, West Coast dwellers, and those with incomes of $70,000+ are among the travelers most likely to spend more than $400 on travel costs for the three-day holiday.

Traditional, Patriotic Sites Popular Destinations

While coastal beaches are typical Memorial Day hotspots, national landmarks like Yosemite and the Grand Canyon are also expected to be popular domestic travel destinations this year. In keeping with the post 9-11 mindset of many Americans, patriotic sites such as Independence Hall in Philadelphia and the new World War II Memorial in Washington anticipate massive crowds of visitors over the holiday weekend.

About Paymentech

Paymentech, L.P. processes more payment transactions than any other company in North America -- and more than half of all Internet transactions -- for retailers accepting U.S. and international payments via traditional point of sale, Internet, catalog and recurring payments. The privately held company, founded in 1985, is an end-to-end processor for merchants of all sizes and industries. Paymentech's 1,500 employees office in multiple locations, including the Dallas headquarters; New York; Salem, N.H.; Tampa, Fla.; and Tempe, Ariz. In 2003, Paymentech and its Canadian affiliate, based in Toronto, processed 7 billion transactions and $162 billion in card volume in 14 currencies. For more information, please visit www.paymentech.com.

Paymentech 2004 Memorial Day Survey: Quick Facts

-- 42 percent of travelers will pay for gas with a credit or debit card

-- Women are twice as likely as men to use a credit card to pay for gas

-- High-income households earning $90K+ are more likely to pay for gas with credit cards

-- 79 percent of those traveling will take a motor vehicle; 12 percent will fly

-- Most of those driving this weekend will be women (84 percent of women compared to 75 percent of men)

-- Men are most likely to spend more than $400 over the holiday weekend