Global Review has carried out a survey providing insight into UK consumers’ credit card preferences. The survey looked at how consumers choose their providers and found that comparison sites to shortlist providers is the method of choice for the large majority. The best deal dictates user preference during the selection process whilst being a reputable brand comes third in decision-making.
As a result, the country’s join favourite credit card providers are Tesco and Barclays.
“When consumers were asked why they made their final choice, responses varied strongly between brands. For example, 61 per cent of those who chose Tesco as their preferred credit card provider said they had an account/loyalty card with Tesco and that this was a factor in their decision. But just 14 per cent of those who chose Barclays for their credit card were influenced by this sort of ‘existing card’ relationship.”
Respondents cited Tesco, Barclays and Capital One as their top three when asked which brands they would ‘shortlist’ as good places to spend research time. This preference trend continued to the final selection stage with Tesco achieving 19% of user choice in preferred provider – the same percentage as Barclays. Only 3% made their final selection decision favouring American Express.
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