What you need to know
The credit card industry is a well-established one, and a handful of top players dominate the industry – in terms of both market share and assets. The majority of consumers already own a credit card, and most who use them frequently own several. As a result, competition for new customers is fierce, and is driven in large part by new young consumers. Rewards provide both the allure and differentiation in a consumer’s choice of card, but issuers must also combat a lack of motivation to apply as well as a reticence to take on more debt.
Definition
This Report examines consumer attitudes and behaviors concerning credit card rewards, and includes information about:
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How many cards consumers use
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What might motivate consumers to apply for a card
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How consumers accrue and redeem credit card rewards
For additional related information, see Mintel’s Consumer Payment Preferences – US, September 2018, and for an in-depth review of credit card rewards marketing materials, please visit comperemedia.com.
