Although overall satisfaction with card issuer digital platforms is high, credit card companies should take note of changing preferences and increased competition from new entrants in the marketplace. Corporate Insight will discuss results from the September 2019 Credit Card Customer Survey in a webinar focused on customers’ digital satisfaction and preferences, which will take place on Tuesday, July 28 at 2:00 EDT.
Our webinar will help you better understand what drives card holder satisfaction by evaluating customer behaviors, preferences and digital platform usage. We will compare respondent segments, analyzing similarities and differences between different age, gender and income groups. We will also highlight other impactful changes in the industry, including innovations and disruptions from newcomers.
Credit cards represent a double-edged sword: potential empowerment for spending without being tied to a payday schedule on one side and the looming possibility of debt on the other. Respondents claim to be conscious of their spending practices and credit health, even as U.S. credit card debt continues to rise, surpassing a record high of $930 billion.
Nearly all respondents (94%) claim to know their credit score, with 52% aware of the general range in which their score falls and 42% aware of the exact value. Predictably, credit scores are higher for older respondents than younger respondents, likely due to longer credit histories, larger credit limits, fewer missed payments and more secure finances than younger generations.
- 52% of Boomers we surveyed reported they have an Exceptional (800-850) credit score, compared to 39% of Gen Xers and 17% of Millennials
- 98% of Boomers indicated they have not missed a credit card payment in the last 12 months, compared with 93% of Gen Xers and 88% of Millennials
Respondents hold on average 2.52 credit cards and 1 debit card. Younger, more debt-conscious respondents control their spending with prepaid debit cards: 11% of Millennials have at least one prepaid debit card, compared to just 6% of Gen Xers and 3% of Boomers. In terms of card use, most respondents charge between $1,000 and $4,999 per month to their cards, though males and females have disparate spending habits, likely due to higher incomes for men than women.
- 48% of male card holders we surveyed spend in the $1,000 to $4,999 range per month, compared with only 33% of females; meanwhile, 28% of males spend below $499 per month, compared with 46% of females
- Similarly, 46% of Boomers spend in the $1,000 to $4,999 range per month, compared with only 36% of Gen Xers and 33% of Millennials
Webinar attendees will learn more about credit card site and mobile app satisfaction and usage, credit card disruption and innovation, and credit card site and mobile app preferences. Register here for our Corporate Insight credit card webinar today!
