According to Visa®, card issuers lose their top-of-wallet status with one in four cardholders every year. Make sure your card rises to the top of your members’ digital and physical wallets.

With online shopping skyrocketing, almost half of American consumers save their credit card information on websites or mobile apps. Visa® reports that non-physical card transactions jumped by 30% with virtual card users spending nearly two-and-a-half times more money.

Learn nine tips to become the go-to card for your members. Hint: It’s all about offers, rewards, and design. As inflation rises and wallets shrink, there is an opportunity to grow your portfolio as you help your members manage their finances responsibly.

Deliver a rewarding experience

Forty percent of cardholders prefer their go-to card mainly for the rewards it offers, according to creditcards.com. And the J.D. Power Credit Card Satisfaction Study reveals that 47% of credit card customers who switched to a new card did so for a better rewards program.

Cardholders prefer cashback rewards more than points and miles. Here are some reward options and new features to make your credit card stand out:

1. Make your rewards flexible. Instead of just earning the standard cashback or fixed miles, a flexible points program allows more redemption options, including statement credits, merchandise, and gift cards. 
2. Reward with crypto. Credit cards are partnering with digital asset platforms and cryptocurrency exchanges to offer cards that reward users with cryptocurrency. 
3. Give “buy now, pay later” options. Some cards offer the option to split eligible purchases into installment payments. 
4. Spread out bonuses. Instead of giving a one-time sign-up bonus, offer tiered bonuses for higher spending levels over an extended period. This incentivizes cardholders to use the card more often and keep it much longer.

Use design as a differentiator

A card’s visual appeal can give it top-of-wallet status. Here are some approaches:

1. Go simple or bold. Minimalism can convey exclusivity and high-end status. You can also go bold by designing a card that is quirky, bright, colorful, and eye-catching.
2. Go vertical. Users hold these cards on the short end, which makes for an interesting design.
3. Go personal. What’s more unique than a credit card designed by the cardholder?
4. Go metal. From their shiny surface to the sound they make, metal cards have enormous appeal. Metal cards are more permanent than plastic cards. Plus, they are used more and valued more.
5. Go eco-friendly. Cards made from sustainable materials appeal to consumers, especially millennials and Gen Z. Issue cards made with renewable bio-sourced resources, reclaimed plastic from coastal areas, or recycled PVC using plastic waste.

Now is the time to promote credit cards

With record-high inflation, cardholders may carry higher balances. And they will be paying off higher monthly payments with rising interest rates. Americans are already using their credit cards more to pay for everyday expenses.

This is an opportunity to educate members about the responsible use of credit and the benefits of rewards programs, like offsetting other higher costs. Cards that offer 0% balance transfers and lower interest rates for revolving balances can help members consolidate debt and manage cash flow.

Promote the benefits of your credit card to help members during these inflationary times. To learn more about Vericast’s card solutions, visit www.vericast.com/cards.

Paulette Courtney is solution advisor, card services at Vericast.