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The Market for Premium Credit Cards in the U.S.
Synergistics Research Corporation, Jan 2010, Pages: 76
This study examines the market for premium and prestige credit cards. The appeal of various premium card features and benefits is measured, as well as consumers' willingness to pay fees for premium cards. The research involved a United States internet survey with 600 consumers age 18 or older having a minimum of $50K in household income.
Research Issues and Benefits
Move over gold and platinum, and make room for a new generation of premium and prestige cards. Premium credit cards are taking center stage as card issuers look for new revenue opportunities in a changing and challenging market. These cards are attractive products for providers to offer for a number of reasons.
The key target market for these upscale cards is primarily affluent consumers. In some instances, the cards can offer guaranteed revenue from annual fees. Premium and prestige cards can feature a variety of enhancements. Often customer service is a step up with specialized contact points. However, marketing premium card offerings can be a challenge as card programs need to stand out in the crowded field of payment products.
What features or benefits do consumers consider to be premium level? Do consumers consider their current gold and platinum cards to be premium cards? What constitutes a premium card in the eye of the cardholder – reward levels, special privileges, no preset spending limit, a high line of credit or something else? How does personalized customer service stack up against other credit card features and rewards?
Issuers need to evaluate the mix of features including rewards, personalized service, lifestyle experiences, as well as other upscale incentives and features.
** Please note that due to restrictions this report cannot be sold to clients in the US or Canada**
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