Consumers want more than just a great interest rate when they choose a credit card issuer, PYMNTS research has revealed. Three out of four consumers consider user experience features such as cash back rewards, better data privacy protection and credit-building tools.
This is just one of the key findings revealed in The Convenience Catalyst: How Customer Experience Features Drive Credit Card Usage, a collaboration between PYMNTS and Elan (a division of U.S. Bank), which examines how consumer preferences drive credit card choice and usage patterns. The report is based on insights drawn from a census-balanced survey of 2,094 adult American regular credit card users conducted between Sept. 15 and Sept. 24. The report found that many consumers use credit cards to manage debt, cash flow and increase their credit scores.
More key findings from the study include:
In the last 12 months, 168 million consumers have used a credit card, and 137 million have done so in a way that they have balances due month after month (we call them regular users). These consumers accumulate 80% of credit cards and 96% of credit card debt in the United States.
continue reading »