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Credit Card Customer Experience Report

Credit Card Customer Experience Report

Unhappy credit card customers take on average 12 months to consider switching to another card. What will you do to keep them?

Qualtrics interviewed 500 credit card customers to learn what they expect with their customer experiences from banks and card providers, and what they’ll do if they don’t get it.

Section 1

Customer Acquisition

Section 2

The Credit- Customer Experience

Section 3

Customer Advocacy and Retention

Section 1

Customer Acquisition

Customers have 2.5
credit cards on average
68% of customers use their primary card for convenience of customers use their primary card for credit

customers use

40%

of their credit limit

Question

Which types of credit card rewards are most important to you?

Cash back, Retail store points, Gas points
22%

Section 2

The Credit- Customer Experience

Credit Card mobile apps have taken hold especially with millenials

Question

Do you use your primary credit card's mobile app?

49%

use their credit card's mobile app

86%

are satisfied with their app experience

66%

of millenials use their credit card's mobile app

Top 3 credit card mobile app uses

Question

In general, how do you use your primary credit card's mobile app?

59% 54% 22%

Customers don’t know there is an app for their card

Question

Why don't you use your primary credit card's mobile app?

30% of customers

Section 3

Customer Advocacy and Retention

Most credit customers are long-term

Question

For how many years have you used your current primary credit card?

30% of customers
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Qualtrics Experience Management is the world’s most agile platform for customer experience management, making it easy for companies to monitor, respond, and improve every key moment along the customer journey and incorporate customer feedback into every decision.

Nearly half of credit card customers are NPS® detractors.

WHAT IS NPS?
43% 29% 28%

High rates and fees lead customers away

Question

Why have you considered leaving your primary credit card provider?

70%

0%

high rates

high fees

poor rewards

poor customer service

low credit limit

expired indroductory offer

poor online service

not accepted by enough vendors

bad reviews

poor social responsibility

poor fraud proctection

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Qualtrics automatically relates dozens of variables and identifies statistically significant relationships in your survey data so you know which part of your customer journey needs attention.

No advanced warning that customers are leaving

Question

Have you told anyone at your credit card provider that you are considering leaving?

64% of customers

Question

Why didn't you tell your credit card provider you were considering leaving?

36% said

Many switchers don’t know who they will switch to

Question

Do you already have another credit card provider in mind that you would like to switch to?

yes 42% no 58%

Rewards are key to winning over switchers

Question

Besides the rate and fees, which features will your next credit card need to have?

70%

0%

Good rewards

Good Customer Service

Easy Approval

Accepted by Many Vendors

Fraud Protection

Good online services

Easy sign up

High credit limit

Good reviews

Social responsibility

Other

Rewards and customer service are the top non-fee or rate attributes that customers look for in their next card.

Switching cards means switching rewards

Question

For your next credit card, do you plan to get a card that has different rewards than your current card?

of customers who plan to switch to a new card say their new card will have different rewards than their current one

12-month decision window to change the mind of an unhappy customer

Question

For how many months have you been considering leaving your credit card provider?

12 months

Nearly half of departing credit card customers can be saved

Question

Could your credit card provider do anything to change your mind about leaving?

yes 45% no 55%

Changes to fees and rewards can win over departing customers

Question

What could your primary credit card provider do to change your mind about leaving?

64% of customers

Many small expectation failures do more to cause attrition than one major expectation failure

Question

Which played a bigger role in making you want to leave?

43% 57%

Credit card customers leave over financial problems more than service problems

Question

Which played a greater role in your decision to leave your credit card provider?

82% 18%

What is NPS?

Net Promoter Score® (NPS) concept was developed by Bain & Company's founder of Loyalty Practice to measure customer loyalty. Its adoption and popularity has grown over the past decade, and it’s now used in virtually every industry by organisations of all sizes around the world. In its most simple form, Net Promoter Score can be described with one simple question: "How likely is it that you would recommend [Organization X/Product Y/Service Z] to a friend or colleague?"

Request Demo

Qualtrics Experience Management is the world’s most agile platform for customer experience management, making it easy for companies to monitor, respond, and improve every key moment along the customer journey and incorporate customer feedback into every decision.