A new report from Elan Credit Card and PYMNTS Intelligence surveyed consumers to learn about preferences for general-purpose versus co-branded and store credit cards, drivers that impact consumer choice, and trends by demographic.
Results show almost 77% of consumers own a credit card. When asked why consumers selected their preferred credit card type, “trust in the financial institution that issued the card” ranked as a top reason for general-purpose cards.
So, why does this matter for credit unions? Your members already trust you. Offering a strong credit card program is an opportunity to meet member needs and build deeper relationships.
Sixty-eight percent of respondents hold a general-use credit card and key age cohorts like Gen Z, millennials, and bridge millennials favor general-use cards. This indicates how critical it is to offer credit cards to match members across all generations and the credit score spectrum.
Download the full report here for graphs, insights, and takeaways to consider when examining your credit card program.
