There are a number of value-add features and incentives that successfully draw consumers to credit cards. Of course, some card offerings are more attractive than others.
A recent Raddon Financial Group survey found 80 percent of credit card holders participate in a rewards program. Of the different rewards programs, cash-back wins the day, with more than half (56 percent) of those polled currently enrolled in a cash-back program. Redeemable reward points came in second with 40 percent and travel-based rewards, including airline miles, were a distant third in popularity at 17 percent.
Not surprisingly, in the era of instant gratification, 67 percent of reward earners like to redeem points on demand and without restrictions.
Other key credit card features consumers found most desirable included:
- Zero percent introductory rates — 54 percent
- Annual cash-back rewards — 50 percent
- Identity theft protection — 42 percent
- No annual fees — 64 percent
- Low standard interest rates — 58 percent
It may seem impossible to offer a profitable credit card that checks ALL the boxes on a consumer’s wish list. However, it’s not necessary to do so. A card offering a competitive rewards program, ease of use, top-of-the-line customer service and convenient, easy payment options will draw consumers.