FOSTER CITY, Calif., Dec.
20, 2019 /PRNewswire/ -- CardRatings.com, a leader in
credit card ratings online, recently conducted a survey on how
consumers rate their credit cards for the likelihood of continued
use and the likelihood of recommending them to others. More than
1,500 cardholders across 65 credit cards were surveyed on various
categories.
In nearly every case, it appears cardholders realize better
cards exist; however, they plan to stick with the one they have.
Considering consumer credit card debt in the United States stands at more than $1
trillion according to Debt.org, the results may be surprising:
- For more than 92% (60 out of 65) of the cards surveyed,
respondents rate their likelihood of continuing to use that credit
card more highly than their likelihood of recommending it to a
friend, family member or co-worker
- Only one surveyed card – The World of Hyatt Credit Card – makes
the cut where respondents rate their likelihood of recommending it
to a friend (8.7 average on a scale of 1-10) higher than their
likelihood of continuing to use the card for at least the next year
(8.0 on a 1-10 scale)
- Four cards carry identical averages. Cardholders of The
Platinum Card from American Express, the Bank of America Business
Advantage Cash Rewards Mastercard, the Ink Business Unlimited
Credit Card and the American Express Business Gold Card all rate
their likelihood of continuing to use the card the same as their
likelihood of recommending the card to a friend
The data may suggest complacency among cardholders. "Survey
respondents for nearly every card said they're more likely to keep
using it than to recommend it to a friend, suggesting they realize
there could be better cards out there, but they aren't willing to
make a change," said Brooklyn Lowery, senior manager and site
editor of CardRatings.com. "That means respondents could be missing
out on that better card."
It's a pattern credit card experts routinely caution against.
"We've said it a thousand times: The credit card of your 20s
probably isn't the credit card of your 30s," Lowery explains. "As
income, stage of life, family makeup, lifestyle and more change in
your personal life, the credit card in your wallet could likely
benefit from a change, too." Lowery recommends carefully
considering your financial situation as it relates to your credit
cards at least once a year and any time there is a major shift in
income or lifestyle.
For more details on the survey visit
https://www.cardratings.com/cardholders-more-likely-to-keep-using-a-card-than-to-recommend-it-survey-reveals.html
Methodology
CardRatings.com commissioned Op4G in
October 2019 to conduct surveys among
1,514 cardholders nationwide. At least 25 cardholders for each of
65 credit cards were polled. CardRatings website analytics from
Jan. 1, 2019-Aug. 31, 2019 were used to determine a selection
of the most popular cards and additional cards were added to fill
out categories. Responses to each of nine questions were given on a
scale of 1-10 and respondents' scores were then averaged under
broad topics.
About CardRatings.com
CardRatings.com is owned
and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in
delivering online marketplace solutions to match searchers with
brands in digital media. QuinStreet is committed to providing
consumers and businesses with the information and tools they need
to research, find and select the products and brands that meet
their needs. CardRatings.com is a member of the company's expert
research and publishing division.
CardRatings.com innovated online credit card ratings and has
been offering independent ratings and reviews of credit card offers
since 1998. The website collects and maintains data on more than
700 credit card offers and carefully compiles objective lists of
the top credit cards by card type, making it easy for consumers to
find the right card to fit their needs.
Website: https://www.cardratings.com
Twitter: @CardRatings
Facebook: https://www.facebook.com/CardRatings
Media Contact
Amy
Eury
Public Relations Manager
412-532-9352
aeury@quinstreet.com
Or,
Liberty Communications for QuinStreet
Rick Judge, 415-429-5652
QuinStreet@libertycomms.com
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SOURCE CardRatings.com