NEW YORK—Consumers want more than just a great interest rate when they choose a credit card issuer, new research suggests.
According to a new Pymnts.com study, three-out-of-four consumers consider “user experience” features such as cash back rewards, better data privacy protection and credit-building tools. The report found that many consumers use credit cards to manage debt, cash flow and increase their credit scores.
“In the last 12 months, 168 million consumers have used a credit card, and 137 million have done so in a way that they have balances due month after month. Many consumers consider carrying a balance a relevant financing alternative for managing their expenses,” Pymnts.com said.
Research further revealed that 75% of active users who are parents cite credit-building tools as a key factor when deciding between cards.