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A Profile of Companion Credit Cardholders
Retail Finance Intelligence (RFI), June 2010, Pages: 11
This paper seeks to provide a profile of front of wallet companion cardholders and to highlight differences in their behaviour compared to average cardholders. Particular areas of focus will be card usage, spending habits, repayment behaviour, satisfaction and advocacy.
Scope and methodology
The report uses data from the credit cards survey conducted online by RFI in February 2010. It focuses on the repayment habits and customer satisfaction of companion card holders compared to other credit card customers. The survey data is also complemented by historical data available from the RBA.
The RFI surveys:
- Are nationally representative
- Contain results from 2,000 Australian personal credit cardholders in the February 2010 survey.
- Address a number of issues affecting credit cardholders, including consumer sentiment, market share and perceived benefits of these types of payment cards
- Contain consistent questions, allowing RFI to track consumer behaviour and attitude over time
Highlights
The rewards programme is by far the biggest choice driver for companion cardholders, and this is certainly an area where card issuers can do more to ensure a high level of customer engagement and satisfaction. Additionally, low monthly account fees and free gifts tend to have less influence over companion cardholders than other credit cardholders. Companion cardholders tend to be more discerning when choosing a credit card and are less susceptible to all forms of advertisements – instead, they prefer to research independently and rely on comparison websites like Infochoice and RateCity.
Reasons to read this report
- To gather a profile of current companion cardholders as well as an understanding of their spending and repayment habits.
- To gain insight into the ways with which companion cardholders gather and use information on credit card providers, as well as levels of satisfaction and advocacy among companion cardholders.
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