NEW YORK—Given the hyper-competition credit unions face in the market, just how do consumers prefer to shop for credit cards?
A new study from Forbes has found 57% of respondents said they are “much more” or “somewhat more” inclined to get a credit card from an institution they already bank with.
Cash-back credit cards are most popular among applicants, with 44% of survey respondents reporting that the card type they most recently acquired was a cash-back credit card, Forbes said.
Rewards Cited
Thirty-three% of respondents listed “earning rewards on daily purchases” as the top reason why they acquired their most recent credit card while 27% listed “building credit” as their primary motivation.
Groceries (47%), gas (36%) and dining out or food delivery (29%) were the top spending categories on which respondents hoped to earn rewards, Forbes said.
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