From Pymnts · PYMNTS · · 1m 10s
71% of Card Switchers Choose Existing Card
71% of credit card switchers pick a card already in their wallet, not a new one.
In brief
71% of credit card switchers pick a card already in their wallet, not a new one. 71% of U.S. cardholders who switched primary cards chose an existing card over a new one. Originally reported by Pymnts.
Card Switchers Choose Existing Card
Seventy-one percent of switchers made the change within a month, while 78% seriously considered no more than two cards.
58% of Switchers Promote Existing Card
Fifty-eight percent of switchers elevated a card they already had, compared with 42% who obtained a new card.
Switchers Decide Quickly
Seventeen percent searched for less than a week, 29% for one to two weeks, and 25% for three to four weeks.
46% Switch Without Contact
Forty-six percent of switchers had no contact with their previous issuer before moving another card to the top of their wallet.
Retention Offers Don’t Match Preferences
Only 13% said nothing could have kept their old card on top, while 25% prioritized a meaningful loyalty bonus.
Switchers Likely to Switch Again
Twenty-nine percent of switchers during the previous 24 months say they’re likely to switch their primary card again in the next year.
Here's the gist
71% of U.S. cardholders who switched primary cards chose an existing card over a new one.
