42% of Consumers Think They’ll Be Denied a Credit Card. Many are Wrong.
Consumer Credit Economy: Strategy vs. Spontaneity—Navigating the Great Credit Divide
Think the biggest barrier to credit is rejection? Think again. A surprising number of consumers, including high earners, are disqualifying themselves before they ever fill out an application. In “Consumer Credit Economy: Strategy vs. Spontaneity—Navigating the Great Credit Divide,” PYMNTS Intelligence and i2c quantify the drivers of this silent dropout and its implications for the future of credit.
Inside the September Report
- Financial institutions can drive greater consumer engagement by addressing misperceptions, emphasizing credit education and offering differentiated, benefit-rich credit solutions.
- Even consumers with prime credit scores overestimate their likelihood of credit denial, leading to widespread self-exclusion from credit markets.
- Consumers will pay for certain premium features, and Gen Z, millennials and high-income users know what they want in a credit experience.
Consumer Credit Economy
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The Credit Economy: Top-of-Wallet Credit Cards
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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