The credit card industry can be a cutthroat market. A constant barrage of offers entices consumers to leave their current card issuer for greater rewards, lower interest rates, or other targeted perks. Do these opportunities erode loyalty to individual credit card companies?
While many consumers, especially younger ones, think nothing of frequently changing their credit cards, a CreditCards.com survey in 2016 found that 19% of survey respondents have had the same card for a minimum of 10 years. Another 15% of respondents had never changed their card at all.
Which card companies benefit the most from card loyalty? According to the recently released annual Brand Keys Customer Loyalty Engagement Index, two credit card companies tied atop the list for customer loyalty: the American Express Companyand Discover Financial Services.