How Credit Card Issuers Can Win Back the Wallet
The Switching Trigger: How Issuers Can Stop Their Credit Cards From Losing Top-of-Wallet Status
PYMNTS Intelligence surveyed 2,460 U.S. credit card holders to learn what sends a primary card to the back of the wallet. Card issuers have little time to respond, and their retention offers often miss what customers want. Download this collaboration with Elan for the details.
Inside the September Report
- Only 13% of switchers said nothing could have convinced them to keep using their previous card as their primary one. Yet 46% left without any contact from their issuer.
- Issuers often offered fee waivers or statement credits. Switchers said loyalty bonuses, higher credit limits or improved rewards would have had more influence.
- Seventy-one percent of switchers decided within one month. Most considered no more than two cards, and 58% promoted a card they already carried instead of opening a new account.
Evolution of Consumer Credit Card Use
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Winning Top of Wallet: How Credit Card Apps Shape Choice
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Credit Limits: Understanding Requests, Denials and the Consumer Experience
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Digital Payments Evolution: Virtual Cards Poised to Take Off
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Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices
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The Role of Strategic Partnerships in Consumer Credit Cards
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Credit Unions and Community Banks Gain Credit Card Issuing Momentum
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Credit Card Use During Economic Turbulence
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The Convenience Catalyst: How Consumer Experience Features Drive Credit Card Usage
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Credit Score Literacy And Building Credit
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Online Security And The Debit-Credit Divide
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Delivering Cardholder Customer Service
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Bridging The Gap: Mobile Card App Adoption Report