Reward and Debit Cards are the Most Preferred

A new survey of 6,500 American consumers has found that nearly six out of ten prefer to use rewards-based credit cards, and that nearly 90% of these consumers said they would not reduce usage or cancel their preferred reward card. The wallet research also found that 38% of consumers stated they prefer using their debit card for purchases. Edgar, Dunn & Company’s “PaymentDynamics 2004 Preferred Card Study” revealed that over half of consumers surveyed hold a debit card or some type of credit card today that wasn’t in their wallet a year ago with the number of cards in the wallet increasing to 4.3 in 2003, up from 3.3 in 1999. The study found that nearly 40% of consumers report canceling or reducing the use of an average of nearly two payment cards. About 60% of consumers applied for and received an average of 1.5 new payment cards, and 85% of those are actively using the new cards. Edgar Dunn says price and attitudes toward increased fiscal responsibility were cited by 66% of consumers who have canceled or reduced the usage of cards they have owned.