MINNEAPOLIS–Even though national banks issue 68% of all consumer credit cards, a quarter of consumers say they would likely choose a credit union or community bank for their next card, according to a new study.
The study, conducted by Elan, indicates that smaller financial institutions can maximize their competitiveness by providing key features that cardholders value, such as the ability to split payments (a popular feature of BNPL financing) and rewards programs.
“National banks remain the goliaths of the consumer credit card industry, and their dominance will not be challenged anytime soon,” the company said in releasing the findings. “Nevertheless, credit unions and community banks have significantly increased the shares of consumers choosing them for their primary credit cards in recent years. This trend is poised to grow as many consumers prefer credit unions and community banks for their next credit card, including sizable shares of those currently without a primary card.”
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