Credit Card and Bank Matrix Insights - Q2 2016
15
CREDIT CARD & BANK MATRIX INSIGHTS Quarter 2 | June 2016 Keith Horbert
-
Upload
corporate-insight -
Category
Business
-
view
468 -
download
0
Transcript of Credit Card and Bank Matrix Insights - Q2 2016
CREDIT CARD & BANK MATRIX INSIGHTS
Quarter 2 | June 2016
Keith Horbert
BA
CK
GR
OU
ND
As part of our Monitor Services,
Corporate Insight provides clients with a
quarterly analysis of key features and/or
products, presented in the form of a
matrix.
The two Credit Card Monitor and two
Bank Monitor matrices give our clients
an in-depth view of the online platforms
and offerings of the major U.S. issuers.
Furthermore, they analyze information
from more than 180 credit cards from
10 major credit card companies and 18
major banks and their main accounts.
The following slides present key
findings from the Q2 2016 Credit Card
& Bank Matrix. For more information,
please contact Craig Sherter, Director of
Business Development, at:
2
Q2 Credit Card Matrix Template
Q2 Bank Matrix Template
Below is a list of the firms we track on a quarterly basis for our
Credit Card & Bank Matrix:
Credit Card Matrix
American
ExpressDiscover
Bank of America PNC
Barclays USAA
Capital One US Bank
Chase Wells Fargo
Citicards
FIR
MS
CO
VE
RE
D
3
Bank Matrix
Ally Bank CitibankSantander
Bank
Bank of
America
Citizens
Bank
SunTrust
Bank
BB&T Bank Discover TD Bank
Capital OneFifth Third
BankUSAA
Capital One
360KeyBank U.S. Bank
Charles
SchwabPNC Bank Wells Fargo
Chase
In Q2 2016, the amount of credit card offerings increased from 173 to 180.
o Capital One (+8), Chase (+3), Discover (+2), Barclays (+1) and Wells Fargo (+1) all
increased their product offerings.
o USAA (-5), US Bank (-2), American Express (-1) decreased their product offerings.
The majority of cards offer a wide range of different standard APR rates.
o Companies with cobranded cards tend to have the biggest range of APR rates.
Slightly over a third (36%) of cards currently offer a 0% introductory purchase rate compared
to 31% at the same time last year.
o Wells Fargo (92%) and Discover (86%) offer the highest percentage of cards with 0%
intro purchase rates.
41% of cards offer a 0% introductory balance transfer rate, compared to 38% in 2015.
o 100% of PNC and 92% of Wells Fargo (92%) cards have a 0% Balance Transfer Rate.
62% credit cards have no annual fee, compared to 57% in 2015.
o All Discover and PNC cards have no annual fee.
Cards with no foreign transaction fees increased from 29% to 44%.
o All Capital One, Discover and USAA cards have no foreign transaction fees.
CR
ED
IT C
AR
D M
AT
RIX
SU
MM
AR
Y
4
CR
ED
IT C
AR
D M
AT
RIX
5
33
24 22 20
913 15
18
11
5 3
31
2522
19 17 16 15 13 127
3
US Bank Barclays Bank OfAmerica
AmericanExpress
*CapitalOne
Chase Citicards USAA WellsFargo
Discover PNC
2015 2016
+7 increase from the previous year
*In Q1 16, Capital One cobranded cards were added to the matrix.
2016: 180 Cards2015: 173 Cards
VS.
6
A MERICA N EXPRESS
BA NK OF A MERICA
BA RCLA YS
CA PITA L ONE
CHA SE
CIT ICA RD S
D ISCOV ER
PNC
USA A
US BA NK
WELLS FA RGO
13.24%
11.24%
8.25%
11.15%
13.24%
12.24%
11.24%
10.24%
7.15%
10.24%
11.40%
18.04%
17.77%
19.49%
19.54%
18.37%
18.01%
18.24%
16.74%
18.19%
18.76%
18.97%
25.24%
23.24%
27.24%
24.99%
23.24%
24.24%
23.24%
22.24%
26.15%
25.24%
26.24%
Lowest APR Average APR Highest APR Best RateHigh/Low Rate
Differential
12%
12%
19%
14%
10%
12%
12%
12%
19%
15%
15%
(out of 19)*
(out of 22)*
(out of 25)*
(out of 17)*
(out of 16)*
(out of 15)*
(out of 7)*
(out of 3)*
(out of 13)*
(out of 31)*
(out of 12)*
*indicates the total amount of credit cards the company has to offer
91%
100%
33%
44%
59%
23%
33%
30%
15%
8%
0%
92%
86%
67%
65%
45%
38%
33%
32%
16%
12%
0%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Wells Fargo
Discover
PNC
Capital One
Bank Of America
Chase
Citicards
American Express
US Bank
Barclays
USAA 2015 2016
CR
ED
IT C
AR
D M
AT
RIX
7
100%
82%
79%
55%
40%
27%
15%
22%
21%
20%
11%
100%
92%
80%
50%
43%
27%
25%
24%
23%
21%
15%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
PNC
Wells Fargo
Barclays
Bank Of America
Discover
Citicards
Chase
Capital One
US Bank
American Express
USAA 2015 2016
0% Intro Purchase Rate
2015: 53 out of 173 – 31%
2016: 65 out of 180 – 36%
0% Intro Balance Transfer Rate
2015: 66 out of 173 – 38%
2016: 73 out of 180 – 41%
(out of 3)*
(out of 12)*
(out of 25)*
(out of 22)*
(out of 7)*
(out of 15)*
(out of 16)*
(out of 17)*
(out of 31)*
(out of 19)*
(out of 13)*
(out of 12)*
(out of 7)*
(out of 3)*
(out of 17)*
(out of 22)*
(out of 16)*
(out of 15)*
(out of 19)*
(out of 31)*
(out of 25)*
(out of 13)*
*indicates the total amount of credit cards the company has to offer
CR
ED
IT C
AR
D M
AT
RIX
8
100%
100%
44%
75%
73%
67%
73%
48%
53%
23%
30%
100%
100%
76%
76%
75%
69%
68%
52%
47%
38%
37%
Discover
PNC
Capital One
Barclays
Wells Fargo
USAA
Bank Of America
US Bank
Citicards
Chase
American Express
2015
2016(out of 7)*
(out of 3)*
(out of 17)*
(out of 25)*
(out of 12)*
(out of 13)*
(out of 22)*
(out of 31)*
(out of 15)*
(out of 16)*
(out of 19)*
*indicates the total amount of credit cards the company has to offer
NO FOREIGN TRANSACTION FEESC
RE
DIT
CA
RD
MA
TR
IX
9
100%
100%
0%
69%
42%
33%
20%
14%
18%
9%
0%
100%
100%
100%
56%
44%
40%
37%
23%
17%
6%
0%
Capital One
Discover
USAA
Chase
Barclays
Citicards
American Express
Bank Of America
Wells Fargo
US Bank
PNC
2015
2016
USAA no longer has any foreign transaction fees
(out of 17)*
(out of 7)*
(out of 13)*
(out of 16)*
(out of 25)*
(out of 15)*
(out of 19)*
(out of 22)*
(out of 12)*
(out of 31)*
(out of 3)*
2016: 44%2015: 29%*indicates the total amount of credit cards the company has to offer
BA
NK
MA
TR
IX S
UM
MA
RY
10
Non-interest checking and basic savings accounts have similar minimum initial deposit
amounts and monthly maintenance fees.
o 91% have minimum account openings amounts of either $0, $25, or $50.
o 30 of 33 (91%) accounts charge maintenance fees of $10 or less.
Minimum deposit amounts and fees vary greatly for interest checking accounts.
Besides Capital One, Capital One 360 and Ally Bank, most companies (88%) offer an APY
of .06% or less for interest checking and savings accounts.
The majority of money market accounts (72%) are basic money market types.
o US Bank has the largest portfolio of money market products with 5 offerings.
o Over 3 in 4 (77%) charge a maintenance fee between $5-$15 for basic money market
accounts.
o 29% require a minimum deposit of $2,500 or more.
Of the 50 CD accounts 84% have variables terms.
o BB&T Bank has 7 different CD offerings, the highest among all banks.
o Nearly 3 in 4 (74%) of basic CDs require a minimum deposit of at least $1,000.
11
BA
NK
MA
TR
IX
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$0.00 $20.00 $40.00 $60.00 $80.00 $100.00
Mo
nth
ly M
ain
ten
ance
Fee
Minimum Initial Deposit
Non-Interest Checking
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$0.00 $20.00 $40.00 $60.00 $80.00 $100.00
Mo
nth
ly M
ain
ten
ance
Fee
Minimum Initial Deposit
Interest Checking
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$0.00 $20.00 $40.00 $60.00 $80.00 $100.00
Mo
nth
ly M
ain
ten
ance
Fee
Minimum Initial Deposit
Basic Savings Account
12
BA
NK
MA
TR
IX 0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
$0 $3,000 $6,000 $9,000 $12,000 $15,000
Inte
rest
Rat
e
Account Balance
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
$0 $20,000 $40,000 $60,000 $80,000 $100,000
Inte
rest
Rat
e
Account Balance
SAVINGS ACCOUNTCHECKING ACCOUNT
21%
14% 14%
21%
29%
$0 $25 $50 $100 $2500+
Basic Money Market : Minimum Initial Deposit
BA
NK
MA
TR
IX
13
22Different Money
Market Account
Offerings
2
2
3
5
0 1 2 3 4 5 6
Santander Bank
KeyBank
Citizens Bank
US Bank
Largest # Offerings
16Basic Money Market
Account Offerings
6 High-Tier Money Market
Account Offerings
$12: 31%$10: 23%
$15: 15%
23%
8%
23%
31%
15%$0
$5
$10
$12
$15
Basic Money Market: Maintenance
Fees
Basic CD: Term Type
Variable84%
Fixed16%
5%
11%
21%
37%
5%
21%
$0 $250 $500 $1,000 $2,000 $2,500+
Basic CD: Minimum Initial Deposit
BA
NK
MA
TR
IX
14
50Different CD
Account Offerings
4
4
5
7
US Bank
TD Bank
PNC Bank
BB&T Bank
Largest # Offerings
Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For over 20 years, the firm has tracked technological developments in the
financial services industry, identifying best practices in online banking and investing, online insurance,
mobile finance, active trading platforms, social media and other emerging areas. There are no
assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research,
providing our clients with unparalleled, unbiased intelligence on the competition.
Keith Horbert
Analyst | Monitor Services
(646) 751-6962
Media Inquiries
Please Contact Corporate Insight:
(212) 832-2002
15
