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Credit Card Customer Satisfaction: Effective Acquisition and Retention Strategy Must Focus on Multiple Facets of the Relationship
Javelin Strategy & Research, July 2008, Pages: 47
The card issuing industry is becoming increasingly competitive and commoditized, with current economic conditions driving issuers to implement more stringent controls surrounding lines of credit, and product differentiation opportunities becoming negligible. Cardholder acquisition and the overall growth in the portfolio, however, remain the lifeblood of the business. This report, utilizing Javelin quantitative consumer data and analysis, provides insight into consumer preferences for selecting card issuers and also choosing a card for payment transactions.
Specific attention is paid to six prominent issuers—American Express, Bank of America, Capital One, Chase, Citi and Discover. They provide case studies for the issuer community as a whole and reflect sufficient breadth to represent cardholder satisfaction levels for various features. Readers of this report responsible for card product development, marketing, and rewards program management can utilize the information and analysis to enhance cardholder acquisition, increase loyalty among existing cardholders, and drive usage for their card products.
Primary Questions
- What card features resonate with cardholders in selecting an issuer?
- How can issuers alter acquisition strategy to more effectively cater to cardholder desires?
- What drives consumers to use a particular card for purchases?
- How can issuers retain existing cardholders based on various card features?
- How can issuers target cardholders for more effective and profitable relationships?
Methodology
This report is based on data collected online from a random-sample panel of 2,957 respondents, in September 2007. The survey targeted respondents based on representative proportions of gender, age and income as compared to the overall US online population. Overall margin of sampling error is ±1.80 percentage points at the 95% confidence level. Generation Y, Generation X and Baby Boomers are used to define consumers into age cohorts. These groups are defined by birth date: Baby Boomers are 1945-1965; Gen X is 1961-1981; and Gen Y is 1979-1999.
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