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Banking and Cards Research
Digging into the Customer Experience: Banking and Credit Cards
Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.
|Student Branded Cards Revisited|
In February, Credit Card Monitor revisited a topic initially covered in August 2004 - student branded credit cards. Here, we reviewed 19 distinct card products from 8 of the 11 CCM-tracked firms, an increase from the 15 we evaluated in the prior report. While card products varied greatly with regard to several key attributes, all fell within three basic categories – affinity cards, rewards cards, and basic student cards.
While affinity/rewards cards have developed nicely over the last 18 months, we were somewhat surprised by the rates and fees associated with the majority of the cards, including those in the basic category. Only three firms currently offer 0% introductory APRs to their college-aged customers, and basic and default APRs for many of the card products we examined appeared high – with little opportunity for students to prove they are worthy of lower rates. It begs the question whether issuers feel this is an attractive market segment that would prove beneficial for developing long-term relationships with customers well beyond their college years.
Find out which firms are leading the way in Student Card rewards options, APRs, online education centers and more in the February edition of Credit Card Monitor Report where, as always, you will find our competitive matrix, detailed findings and best practice recommendations.
Website Reviews/Company Reviews
Segment: Credit Cards