The Business & Technology Network
Helping Business Interpret and Use Technology
S M T W T F S
1
 
2
 
3
 
4
 
5
 
6
 
7
 
8
 
9
 
10
 
11
 
12
 
13
 
14
 
15
 
16
 
17
 
18
 
19
 
20
 
21
 
22
 
23
 
24
 
25
 
26
 
27
 
28
 
29
 
30
 
31
 
 
 
 
 

Study Shows Power of Word of Mouth in Credit Card Customer Acquisition

Tags: media new
DATE POSTED:November 6, 2024
.free-download-sec { width: 100%; font-family: "Roboto", sans-serif; } .free-download-sec .inner { background: rgb(35, 36, 150); background: linear-gradient(129deg, rgba(35, 36, 150, 1) 0%, rgba(14, 14, 49, 1) 87%); padding: 20px; border-radius: 10px; /* max-height: 210px; */ } h2.report-title { font-size: 1.6rem; font-weight: 600; color: #fff; } h2.report-title span { display: block; font-weight: 400; } .free-download-sec .form-control { line-height: 2.2; } .free-download-sec .form-control::placeholder { color: #000; } .free-download-sec .form-control::-ms-input-placeholder { color: #000; } .free-download-sec p { font-size: 14px; font-style: italic; color: #000; } .free-download-sec a { text-decoration: none; color: #0D4EB5; } .free-download-sec .btn-primary { background-color: #00A469; font-size: 21px; color: #fff; font-weight: 700; border: 2px solid #00A469; padding: 13px 32px; } .free-download-sec .btn-primary:hover { background-color: transparent; color: #00A469; border: 2px solid #00A469; } @media (max-width: 767px) { .free-download-sec .inner { /* max-height: 430px; */ } .free-download-sec { margin: 40px auto 450px auto; } } @media (max-width: 359px) { .free-download-sec { margin: 40px auto 470px auto; } } /* Additional styles */ h2.report-title { text-transform: initial; } #DownloadForm form.wpcf7-form { display: flex; flex-wrap: wrap; background-color: transparent !important; padding: 0px !important; box-shadow: none!important; } #DownloadForm form.wpcf7-form input { padding: 0.4rem 0.75rem !important; font-size: 0.875rem !important; font-weight: 400 !important; line-height: 1.5 !important; color: #212529 !important; background-color: #fff !important; background-clip: padding-box !important; border: 1px solid #ced4da !important; -webkit-appearance: none !important; -moz-appearance: none !important; appearance: none !important; border-radius: 0.375rem !important; transition: border-color 0.15s ease-in-out, box-shadow 0.15s ease-in-out; width: 100%; } #DownloadForm .wpcf7-form label { font-size: 0.9rem; width: 100%; } #DownloadForm .wpcf7-form div:nth-child(6) { width: 100% !important; } #DownloadForm .wpcf7-form input[type="submit"] { background-color: #00a469 !important; font-size: 0.9rem !important; color: #fff !important; font-weight: 500 !important; border: 2px solid #00a469 !important; padding: 0.4rem 0.75rem !important; border-radius: 6px !important; width: 100% !important; margin-top: 0.5rem; } #DownloadForm .wpcf7-form input[type="submit"]:hover { background-color: #03b573 !important; } #DownloadForm .wpcf7-spinner { display: none; } #DownloadForm .form-sec { padding: 140px 0 45px 0; } #DownloadForm .wpcf7-response-output { border: none !important; color: #000 !important; margin: 0.25rem !important; font-size: .85rem; font-weight: bold; } #DownloadForm .wpcf7-form div:nth-child(7) { width: 100%; } #DownloadForm div p { margin: 0.25rem; } #DownloadForm .wpcf7-form div:nth-child(1), #DownloadForm .wpcf7-form div:nth-child(2), #DownloadForm .wpcf7-form div:nth-child(3), #DownloadForm .wpcf7-form div:nth-child(4), #DownloadForm .wpcf7-form div:nth-child(5) { width: 100%; } @media screen and (min-width: 1200px) { #DownloadForm .wpcf7-form div:nth-child(1), #DownloadForm .wpcf7-form div:nth-child(2), #DownloadForm .wpcf7-form div:nth-child(3), #DownloadForm .wpcf7-form div:nth-child(4), #DownloadForm .wpcf7-form div:nth-child(5) { width: 50%; } } @media (max-width: 767px){ #DownloadForm .free-download-sec { margin: 0px; } } Download the World Map Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices [contact-form-7]

Understanding which consumers are drawn to which cards can help financial institutions hone their marketing. PYMNTS Intelligence data shows that nearly 1 in 3 consumers opened a new credit card within the last 12 months, and 4 in 5 were already cardholders. Many of these choices can come down to whether to pursue a general purpose or co-branded credit card, and one was clearly the most popular choice overall. Repeat card users showed more balanced interest between the two types, as our data analysis reveals. We also found that financial stability shapes whether consumers seek rewards or want to build their credit with new accounts.

While most of these consumers only consider one or two options when choosing, recommendations and research play a critical role in consumers’ credit card decisions. More consumers first heard about their latest card through recommendations from friends, family or advisers than anywhere else, including online research or an in-person offer. These recommendations play a significant role in their decision-making process, with 73% of consumers who received them saying recommendations were very or extremely influential.

This report provides a data-driven look at how consumers’ financial status shapes their card preferences and spending behavior.

These are just some of the findings detailed in “Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices,a PYMNTS Intelligence and Elan collaboration. This edition examines consumer motivations and behaviors when opening new credit cards and draws on insights from a survey of 2,124 U.S. consumers conducted from Aug. 8 to Aug. 27. The report highlights how financial stability, spending patterns and personal recommendations drive card choices today.

Inside “Consumers’ Financial Health and Spending Priorities Guide Credit Card Choices
  • Insight into which consumers opening a new card tend to favor general-purpose or co-branded options
  • How financial stability influences consumers’ decisions about opening cards
  • Details about the surprising power of word of mouth from friends and family — and how consumers’ card evaluation habits make these recommendations key
  • Data on how consumers use these new cards

The report explores how consumers make the choice to open a new credit card. Nine figures of data insights illuminate consumers’ decision-making processes when it comes to new credit cards.

The post Study Shows Power of Word of Mouth in Credit Card Customer Acquisition appeared first on PYMNTS.com.

Tags: media new