First Annapolis Credit Card
Consumer Survey:
Introductory Findings
First Annapolis conducted a consumer survey asking questions related to consumer credit cards.
Respondents were representative of the U.S. population. This will be the first in a series of findings based on
the survey. Please follow us on social media or our website to see additional reports as they are released.
General Observations
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Respondents had an average of 2.7 credit cards in their wallets (16% did not have a credit card)
Top 3 Issuers in terms of highest representation in respondents’ wallets: Chase, Capital One, and American Express
40% indicated an average monthly spend above $1,000 across all respondents’ credit cards
26% had an annual fee on their primary credit card, 5% were unsure whether their primary card had an annual fee
About one-quarter are searching or are going to search for a new credit card in the next year
Over half suggested that the payment network is important in the decision to apply for a credit card
57% indicated that mobile payment capabilities are important in the decision to apply for a credit card
The majority of all respondents indicated that they were somewhat or very happy with their current credit card(s)
Rewards Preferences
Millennials
Respondents’ Interest in Rewards Types
(% of respondents that indicated interest)
Use Phone to mPay with a Credit Card
(% of respondents that pay with phone at least once per week)
38%
73%
Cash-Back
37%
34%
Rotating Bonus
Categories (3-5%)
Miles
30%
11%
Age: 18-36
Age: 37-46
Age: 47+
ƒƒ Respondents were most interested in grocery and gas
as bonus earn categories
ƒƒ More than half of respondents indicated an annual
perceived value of rewards of less than $250
ƒƒ Millennials were less likely to own a credit card and
those that do have fewer cards than other age groups
ƒƒ Younger millennials were more likely to apply for a
credit card in the next year than any other age group
Sub-Prime Customer Segment
Channels
Choice of Issuer Among Sub-Prime Respondents
Application Channels
(% of respondents that applied for primary card in channel)
(% of respondents with a card from each issuer)
46%
29%
13%
Capital One
Chase
9%
9%
Wells Fargo Synchrony
8%
Online
Discover
ƒƒ ~25% of respondents reported they currently have a
subprime (FICO <660) credit score
ƒƒ Subprime respondents prefer miles over any other
rewards category (prime respondents prefer cash-back)
19%
15%
In-Store
Mail
20%
Other, including
mobile
ƒƒ Almost half of respondents stated that they learned
about their primary credit card online
ƒƒ Just under one third of credit card holding respondents
learned about their primary card through the mail
Source: First Annapolis Primary Research (November 2016, n=1007).
For more information, please contact: David Woynerowski, Partner, [email protected]; Aaron Mercurio, Manager, [email protected];
or Sage Stahmer, Analyst, [email protected]
U.S. Headquarters
European Office
Three Park Place, Suite 200 l Annapolis, Maryland 21401
P: 410.855.8500 l [email protected]
First Annapolis Credit Card Consumer Survey: Introductory Findings
1 of 1
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