Credit cards can help engage members

A new report from Elan Credit Card and PYMNTS Intelligence surveyed consumers to learn preferences on general-purpose versus co-branded and store credit cards, drivers that impact consumer choice, and trends by demographic. 

Results show that almost 77% of consumers own a credit card and when asked why consumers selected their preferred credit card type, “trust in the financial institution that issued the card” ranked as a top reason for general-purpose cards.

So, why does this matter for credit unions? Your members already trust you. Offering a strong credit card program is an opportunity to meet member needs and build deeper relationships.

Sixty-eight percent of respondents hold a general-use credit card and key age cohorts like Gen Z, millennials, and bridge millennials favor general-use cards. This indicates how critical it is to offer credit cards to match members across all generations and the credit score spectrum.


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