Preferences of u.S. Consumers who do The Power Of For Customer Loyalty not hold traditional credit cards.The study, based on a . Survey of , u.S. Consumers conducted in early , identifies distinct personas among these “credit . Card outsiders,” including “second chancers” who previously had credit cards, “credit curious” individuals interested in . Obtaining one, “gone for goods” consumers no longer interested, and “never-nevers” who have never had . A credit card and have no interest in one.The research highlights that a significant majority .
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Of these outsiders, %, already use some form lebanon phone number data of credit, most notably store cards and . Buy now, pay later (bnpl) services, suggesting a preference for accessible, short-term credit solutions rather . Than traditional loans. This inclination indicates that financial institutions have an opportunity to engage these . Consumers by offering flexible, low-commitment credit tools that align with their existing financial habits.The report . Further explores the specific credit solutions that appeal most to these consumers, with secured credit . Cards ranking as the most sought-after product at % interest, closely followed by traditional credit .
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Cards at % and bnpl services at %. This strong interest in secured cards, particularly . Among the credit-curious and agencies and other b2b industries second-chancers, underscores their potential as a gateway for reengaging these segments, . As they offer both credit-building potential and accessibility.However, the study also identifies key obstacles to . The adoption of secured credit cards, with in outsiders citing a lack of necessary upfront . Funds as the primary barrier. Other significant concerns include the perception that secured cards do . Not improve spending flexibility (also cited by in ), high interest rates or annual fees .
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(%), and the reluctance to carry debt on such a card (%).These findings emphasize the . Need for financial institutions to address both the financial and psychological barriers preventing credit card . Outsiders from adopting traditional credit products. Key data points from the report include:% of credit . Card outsiders already hold at least one type of credit account, with store cards and . Bnpl plans being the most popular. This highlights that these consumers are not necessarily averse . To credit but favor certain types of accessible, short-term options.
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Secured credit cards are the most . Appealing new credit product for outsiders (%), followed closely by traditional credit cards (%) and . Bnpl (%). This indicates a willingness among many outsiders, especially second chancers and the credit . Curious, to text services consider more traditional credit products if the terms and accessibility are right.The lack . Of upfront funds is the biggest hurdle for credit card outsiders considering secured credit cards, . Cited by in respondents. This financial constraint suggests that lower deposit requirements and clear communication .