Business
Marqeta Survey: Customer Loyalty Shifts as UK Consumers Embrace A New Era of Hyper-Personalized Credit Options
Nearly half (48%) of UK respondents to Marqeta’s survey confirmed that none of their credit cards currently accrue rewards, loyalty points or other benefits.
About this update from Marqeta, Inc.
[{"type":"text","content":"\n\nNearly half (48%) of UK respondents to Marqeta’s survey confirmed that none of their credit cards currently accrue rewards, loyalty points or other benefits.\n\n\n30% of UK consumers said they own a credit card affiliated with a retailer, a 25% increase in just 12 months.\n\n\n63% of UK Buy Now Pay Later users confirmed that BNPL helped them make ends meet during the last 12 months.\n\n\n LONDON--(BUSINESS WIRE)--\nConsumers are increasingly seeking more personalised benefits from their credit card providers, such as rewards and loyalty points, according to a new survey published today by Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators. The company has published its fourth annual 2024 State of Credit report which polled 3,000 consumers globally – including 1,000 in the United Kingdom – revealing that customer loyalty to credit cards is shifting, as the public explore new financial products and services that better meet their individual needs.\n\nConsumers demand more from traditional credit cards\n\nOver half (53%) of UK respondents confirmed that their credit card helped them to make ends meet in the last year, yet nearly half (48%) confirmed that none of their credit cards currently accrue rewards, loyalty points or other benefits. Of people that reported using more than one credit card, 43% confirmed they would use a credit card more frequently if better rewards were offered.\n\nEmbedded finance is also driving more demand in the UK for rewards and personalisation, with more consumers using financial services offered by non-financial providers to access benefits and loyalty points. For example, 30% of UK respondents confirm they own a credit card affiliated with a brand of store, a 25% increase in just 12 months since Marqeta’s 2023 State of Credit report.\n\nTraditional idea of ‘customer loyalty’ is shifting amid competitive landscape\n\nAs people demand more from their financial services, traditional approaches to credit card loyalty are shifting, and consumers are increasingly on the lookout for new offers. For example, 45% of millennials (ages 28-43) are planning to apply for a credit card in the next 12 months. Even those without plans to apply for a card confirmed that they could be swayed by the right offer, including a cash back rewar...