Consumers Spend Nearly $2,000 Per Month Using 'Top of Wallet' Credit Cards, Study Finds
The Credit Economy: Top-of-Wallet Credit Cards
What does it take to gain “top of wallet” status? A new PYMNTS study, “The Credit Economy: Top-of-Wallet Credit Cards,” a collaboration with i2c, shows that U.S. cardholders average nearly $2,000 per monthly statement on their preferred card, versus just over $1,200 for their second-choice card. ? Consumers with multiple credit cards play favorites and issuers need to take notice. Download the report now.
Inside the May Report
- 78%: Share of credit cardholders with multiple cards
- $1,903: Credit cardholders’ average monthly balance on their primary card
- 48%: Share of credit cardholders who cite rewards or discounts as a key reason for signing up for their primary card
Consumer Credit Economy
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Consumer Credit Economy: Strategy vs. Spontaneity—Navigating the Great Credit Divide
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What Consumers Do When Their Go-To Credit Choice Is Unavailable
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High Credit Card Denial Rates Force Subprime Borrowers to Turn to Alternative Options
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How Different Consumers Use Credit to Make Essential Purchases
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Consumers Focused on Rewards Are Less Likely to Have or Want Loans
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Interest in Mortgages Rises Among Younger, High-Income Individuals
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Boomers Are Leaving the Credit Market
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Credit Card Fraud Fears Can Drive Consumers to Switch Banks
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Consumers Tap Credit for Summer Splurges
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New Data: Who Is the Bank’s Most Valuable Credit Card Customer?
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New Data: Got Credit? Consumers Do and They Want More
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School’s Out: Consumers Will Use Their Credit Cards to Pay for Summer Travel