This survey of over 3,000 consumers in the U.S. and U.K. was conducted in 2024 by a third-party research partner.
Consumers have an insatiable appetite for new credit cards
72% of global users who are satisfied with their credit card are still planning to apply for a new credit card
Satisfaction doesn’t seem to be a factor in winning customer loyalty to one credit card. Unsatisfied customers are just slightly more likely (78% in comparison) to be planning on applying for a new card. So if satisfaction doesn’t matter, then what should card issuers consider doing to keep their customers?
The right rewards help card brands win customers
70% of U.S. consumers could be swayed by the right reward or feature to apply for a new card—even if they had no plans of doing so prior
The U.S. consumer is extremely receptive to offers from card brands. If brands can find the right motivation, consumers will apply for their offering. This is even truer for U.S. consumers aged 18-44, at 88%. Our survey revealed and ranked consumers' most desired features.
"The traditional methods of building loyalty haven’t caught up with the way people are using their cards today. Brands that don’t evolve to offer the highly personalized, flexible card experiences that consumers have come to expect will be left behind.”
– Todd Pollak, Chief Revenue Officer, Marqeta
2024 marked a tipping point in missed payments
57% of U.S. customers who missed a card payment this year said it was the first missed payment of their lifetimes
Many consumers felt that the last 12 months have been a struggle financially. In addition to the missed payment numbers, 39% of U.S. consumers responded that they had higher credit card debt than 12 months ago, and 25% said they struggled more to meet minimum payments this year. Rewards and cash back may be options that can help struggling consumers and make new card offers more attractive.
More consumers expect personalized rewards
31% of consumers have called out personalized rewards as a “need to have” for credit card perks
Personalized rewards are a rapidly evolving set of features and reward structures. They can include something as classic as a credit limit increase as a reward for on-time payments, or something as new as bonus points categories that automatically rotate into the consumers' top spending category.
See what’s inside the rest of the report
Tips for winning the coveted top-of-wallet slot: Because most consumers have a top credit card that they use for more than half of their purchases.
Credit cards as the gateway to other financial services: Consumers are more open than ever to engaging with checking and savings account offerings from their credit card issuers
Credit is bigger than just a financial relationship: A majority of global respondents said that credit cards had a positive impact on their lives by helping them make ends meet in the last 12 months
