August 2026
PYMNTS Data Books

Trust Isn’t Enough: How Credit Unions Can Win the Wallet

Credit unions hold the primary financial relationship for 61% of their account holders, yet only 48% of their cardholders place that institutions’s card at the top of their wallet. This report examines the gap between member trust and everyday card use, then shows the areas credit unions can target to capture more spending.

Header image for the PYMNTS Intelligence August 2026 Credit Union Innovation Data Book. PYMNTS Intelligence examines why credit unions lead in trust but trail national banks in top-of-wallet card use.

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    Credit unions have earned deep trust from consumers and small businesses, but that faith doesn’t always translate into card use. Members often turn to their credit union for primary accounts, recurring bills and business relationships. But when it comes to everyday purchases, national banks often win with stronger rewards. These five data points show where these financial institutions are gaining ground, where they’re falling behind and what could help them become the card members reach for first.

    Primary Relationships Run Deep

    Just over six in 10 (61%) of credit union account holders use their credit union as their primary financial institution.

    Credit unions convert account holders into primary customers at a much higher rate than digital banks and FinTechs, where the comparable share is 45%. That gives these financial institutions a strong foundation for growing deposits and card use.

    Credit Union Business Deposits Accelerate

    Four in 10 credit union SMB members increased deposits in their primary accounts, up from 27% in November 2024.

    Credit union deposit growth among small businesses has risen sharply. Consumer deposit growth has been steadier, reaching 24% in March 2026, up from 21% in November 2024.

    Wallet Conversion Lags

    Only 48% of credit union cardholders put their credit union card at the top of their wallet.

    Credit unions trail every other financial institution category measured. The comparable figures are 69% for national banks, 60% for regional or local banks and 56% for digital banks and FinTechs.

    Recurring Bills Are Where Credit Unions Win

    Credit union cards are 44% more likely than national bank cards to be used for rent or mortgage payments.

    Credit unions also lead national banks in utilities, mobile phone bills, groceries and basic healthcare payments. These categories strengthen the relationship, but many of the payments happen automatically and don’t necessarily make the card the member’s first choice for everyday spending.

    Rewards Drive the Switch

    More than four in 10 (44%) of consumers who use a credit union as their primary institution say cash back and rewards influence their card choice.

    Cash back is the leading card-choice factor among the average member, but only 32% of those who already put a credit union card at the top of their wallet cite it. Those top-of-wallet members place more weight on service, contactless payments and spending controls.

    Methodology

    This Data Book is based on the July 2026 edition of the Credit Union Innovation Readiness series. The findings are based on online surveys of 14,218 U.S. consumers conducted Feb. 1–28, 2026, and 3,529 U.S. small and medium-sized businesses conducted Feb. 1–March 25, 2026. The samples were balanced using consumer demographic and SMB firm demographic characteristics. Some results were compared with surveys conducted in November 2024, March 2025 and November 2025.

    About

    PYMNTS INTELLIGENCE

    PYMNTS Intelligence is a leading global data and analytics platform that uses proprietary data and methods to provide actionable insights on what’s now and what’s next in payments, commerce and the digital economy. Its team of data scientists includes leading economists, econometricians, survey experts, financial analysts and marketing scientists with deep experience in the application of data to the issues that define the future of the digital transformation of the global economy. This multilingual team has conducted original data collection and analysis in more than three dozen global markets for some of the world’s leading publicly traded and privately held firms.

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