When choosing a credit card, consumers typically take into account a series of features, such as the interest rate, the possibility of getting reward points from a loyalty program and the level of security provided. While these are all crucial factors in the choice, as our data shows, there are other factors that some consumers may not value but others crave. A PYMNTS Intelligence study finds 54% of consumers consider having a good mobile app very or extremely important when choosing a credit card. This proportion is similar across all the financial styles studied, something that is not true of other features.
These are just some of the findings detailed in the latest edition of “New Reality Check: The Paycheck-to-Paycheck Report,” a collaboration with LendingClub. “The Credit Card Use Deep Dive Edition” examines the financial lifestyles of U.S. consumers and explores how they use credit cards to manage cash flow.
For consumers living paycheck to paycheck with issues paying bills, low interest rates and fees or the availability of credit lines are the most features when choosing a credit card. In contrast, those who do not struggle to make ends meet give more weight to the quality of customer service or the possibility of rewards. But valuing the quality and availability of mobile apps is consistent across personas regardless of whether they are financially struggling.
These apps have evolved in recent years from basic transaction tracking to offering a range of features such as redeeming rewards, checking credit scores and even chatting with customer service. All these features bring together in one app the most relevant factors consumers cite when choosing a credit card.
Mobile apps have revolutionized the way consumers manage their accounts and make payments with their credit cards. The top credit card mobile apps, according to PYMNTS Intelligence rankings, provide a user-friendly experience and a wide range of features and integrations to cater to different business needs. As technology continues to advance and consumers keep adopting new payment features, credit card mobile apps and payment processors may play an increasingly significant role in the financial industry.
To measure which credit card apps are performing well in dimensions such as channel coverage, downloads and average session length, PYMNTS Intelligence has published the Credit Card Apps Ranking, an exclusive feature that is updated monthly and ranks credit card apps using a proprietary combination of publicly available information plus app usage data to which we have access.