By the numbers: Almost three-fourths (72%) of consumers who said they were satisfied by their credit cards still plan to apply for a new card in the next year, per a 2024 Marqeta survey.
And 80% of US consumers ages 18-43 who have no plans on applying for a card said the right feature or reward could get them to apply.
Why this matters: This data is good news for card issuers trying to boost their customer acquisition rates. It shows that consumers are willing to make the switch for the right offer.
But this also means issuers face an uphill battle in maintaining cardholder loyalty. Satisfaction isn’t enough to keep them from applying for another credit card, siphoning volume and revenues to another issuer.
Our take: Credit card issuers need to rethink their loyalty approaches and find new ways to make their relationships with their customers sticky.
For example, they could offer bonuses that expand beyond the first year or offer personalized rewards that change with the consumer as their spending habits shift.
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