The 2026 State of Credit Report
From single products to credit orchestration
Credit is not a single product anymore. Consumers and SMBs are assembling portfolios of tools across providers and payment methods, choosing intentionally for every transaction.
Marqeta surveyed 4,000 consumers and 1,000 SMBs across the US and UK in Q1 2026.
Customers want flexibility AND consolidation
The financial orchestrators most active today want their existing payment methods consolidated, not added to. Flexible credentials deliver that consolidation.
48% of consumers aged 18-44 are interested in flexible credentials.
71% of consumers who already carry multiple cards are interested.
Most providers are missing the credit application pipeline
22% of consumers applied for a credit card in the past year. Many were denied, but the interest does not end there. The graduation signal is waiting for a provider to act on it.
63% of denied applicants were not offered any alternative product.
76% of denied applicants would undergo a credit check to upgrade when ready.
Two markets, two mindsets
Two cohorts. One shift.
The 18 to 44 consumer and the growth-stage SMB are signaling the same demand. Strategy should serve both.
Consumers aged 18 to 44
They use multiple products, switch more often, and respond more strongly to flexibility than older cohorts. They follow providers that grow with them.
48%
of 18 to 44 year olds are interested in flexible credentials.
Growth-stage SMBs ($1M to $50M)
They behave like financial orchestrators at higher intensity. They represent a complexity opportunity, not just an acquisition one.
82%
of SMBs planning to apply for credit cards are interested in flexible credentials.
SMBs are building credit portfolios, not climbing ladders
The traditional model assumes SMBs trade up to the next product as they grow. Growth-stage SMBs are not replacing one product with another. They are adding products as their needs evolve.
34% of SMBs have moved between credit products as their business evolved.
64% of SMBs want a clear path from entry-level to advanced products.
The customers most open to flexibility are also most open to non-banks
Two trends are converging in the same cohort. For non-bank providers, the convergence opens a strategic window. For incumbents, it is a competitive shift to respond to.
Consumers interested in flexible credentials are 2x more comfortable with non-banks.
SMBs planning to apply for credit cards are 1.5x more comfortable with non-banks.
Closing
Build for the credit journey customers are already on
Static, single-product credit programs no longer match how customers actually behave. The companies designing for this shift are building what comes next, and they are building it on Marqeta.
Live webinar | June 24
Credit Orchestration in Practice
Join Anthony Peculic and Rachel Huber for a deep dive into the State of Credit findings, what flexible credentials mean in practice, and where the strategic window is opening fastest.
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