Consumers Consider as Many as Six Factors When Choosing Credit Card 

Credit card issuers are seeking to appeal to today’s discerning consumers in a competitive market. To gain top-of-wallet status, they must excel in providing the basics — payments management and fees — and offer other features that consumers care about, such as rewards, data security and privacy. 

Most consumers look for a minimum of four different features when deciding for which credit cards they should sign up, but some consider as many as six, according to The Convenience Catalyst, a collaboration between PYMNTS and Elan (a division of U.S. Bank) that is based on a survey of 2,094 adult American regular credit card users. 

Get the report: The Convenience Catalyst: How Customer Experience Features Drive Credit Card Usage 

Sixty-four percent of active credit card users look for a minimum of four different features. Consumers living paycheck to paycheck who struggle to pay their bills and those living with children are the most demanding when it comes to what they expect from their credit cards. 

Those living with children consider as many as six factors on average when choosing credit cards, spotlighting the importance of providing a wide range of features to win over consumers in this segment. Among consumers living with children, 80% consider at least four factors when deciding between cards. 

Among the consumers living paycheck to paycheck, 82% say the safety measures taken are “very” or “extremely” important when determining preferences between different credit cards, and 74% say the same of rewards programs. Other top factors are customer service quality, cited by 64% of the consumers living paycheck to paycheck, and interest rates or fee applied, cited by 62%. 

Among the active users who are parents, 75% cite credit-building tools as a key factor when deciding between cards.