Credit Card Issuers’ Biggest Rival May Already Be in Wallet
Credit card users switch primary cards without losing accounts, shifting spending to existing issuers.
In brief
Credit card users switch primary cards without losing accounts, shifting spending to existing issuers. 78% of switchers consider no more than two cards, allowing issuers to lose transaction volume without losing customers. Originally reported by Pymnts.
Quick answers
- Why Switch?
- 38% cited better rewards rates, 36% higher credit limits as reasons for switching.
- What is the key takeaway from Credit Card Issuers’ Biggest Rival May Already Be in Wallet?
- 78% of switchers consider no more than two cards, allowing issuers to lose transaction volume without losing customers.
Switchers Keep Old Cards
58% of credit card switchers used a card they already owned as their new primary card.
Quick Decisions
71% of switchers chose a new primary card within one month.
Small Consideration Sets
78% of switchers seriously considered no more than two cards.
No Contact for 46%
46% of switchers had no contact with their previous issuer before changing cards.
Why Switch?
38% cited better rewards rates, 36% higher credit limits as reasons for switching.
Existing Cards Win
58% of switchers used a card they already owned as their new primary card.
The essence
78% of switchers consider no more than two cards, allowing issuers to lose transaction volume without losing customers.
