Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices

Financial Stability Drives Credit Card Choices, Says New Consumer Report

Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices

Credit card providers should consider their current cardholders crucial to their marketing strategy: 73% of consumers who received recommendations said they were highly influential to their choice of credit card. PYMNTS Intelligence’s latest report, “Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices,” a collaboration with Elan, explores the factors consumers consider when choosing a new credit card.

Inside the November Study

  • 32%: Share of consumers who opened a new credit card in the past year, with 80% being existing cardholders
  • 66%: Share of new cardholders preferring general-purpose cards over co-branded options
  • 73%: Share of consumers who found recommendations influential in their card choice

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    Evolution of Consumer Credit Card Use