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