2023 State of Credit
Learn about consumer attitudes towards credit, the BNPL boom, and how consumers think about spending
How are consumer expectations of their credit cards changing and can credit providers keep up? Marqeta explores this and more in its 2023 State of Credit Report. In partnership with Propeller Insights, Marqeta conducted a survey of over 3,000 consumers in the US and UK to uncover the shifts in sentiment that consumers hold toward their credit cards and the opportunity for companies to provide new, personalized credit experiences. The survey shows that even satisfied credit cardholders are on the hunt for their next credit card:
70% of US consumers surveyed reported being satisfied with their current primary credit card, however, 53% said that their credit card still has room for improvement.
36% of US consumers surveyed said they plan to apply for a new credit card in the next 12 months, with that number among 18-44 year olds booming to 55%.
Credit Card Rewards Take Center Stage
According to the report, credit card rewards have a firm hold on US cardholders, with 58% of US consumers surveyed citing rewards as the largest benefit of using credit cards, followed by convenience (46%) and fraud protection (44%). While credit cards attract consumers, almost three-quarters (74%) of consumers surveyed said their current card has room to personalize rewards based on individual spending habits.
Consumer Brand Loyalty Underlines Potential for Embedded Finance
The report details how consumers have become increasingly reliant on their favorite brands to provide credit products, with 50% of US consumers surveyed owning a credit card affiliated with a brand and 62% considering themselves a customer of the brand or store instead of the bank. This highlights the growing potential for brands to offer embedded finance services to meet their customer needs.
Buy Now, Pay Later’s Credit Building Potential
Consumers are open to using Buy Now, Pay Later solutions to access additional financial services and help build their credit. According to the survey, 71% of US BNPL users surveyed would be interested in accessing other financial services through their BNPL provider and 64% of consumers looking to build their credit said they would be interested in using BNPL to build credit and increase their score to get a credit card.