Cash-back rewards drive consumers to open new credit cards

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Key stat: Getting cash back is the leading motivator for opening a new credit card, according to 42% of adults worldwide, per January 2024 data from Kantar.

Beyond the chart:

• The growth rate of credit card digital account openings in the US will slow from 7.6% in 2023 to 3.2% in 2027, per our forecast.
• To help attract new customers, issuers should consider adopting a subscription model where customers pay a fixed monthly fee for the card service, according to our Credit Card Marketing 2023 report. This gives customers more control and transparency over their finances.
• Credit card marketers can also highlight how their cards can integrate into digital wallets, which 161.6 million US consumers will use this year, per our forecast.

Use this chart:

• Build out credit card perks.
• Assess the best way to market credit cards to attract new customers.
• Consider partnerships with credit card companies.

More like this:

• How the DOJ’s Apple lawsuit could shake up the mobile wallet industry
• Payment networks are seeking speed and confronting payment method choice
• Gen Z’s risk aversion influences their choice of banking products
• Gen Z loves debit cards—here’s why

Methodology: Data is from the March 2024 Kantar report titled "Connecting with the Digital Payments Community." 10,000 adults ages 18+ in 10 countries were surveyed online during December 23, 2023-January 12, 2024. Approximately 1,000 respondents were surveyed in each country: Australia, Brazil, China, France, Germany, Singapore, South Africa, Spain, the UK, and the US.