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Credit Card Matrix Insights - Q1 2015
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Transcript of Credit Card Matrix Insights - Q1 2015
COPYRIGHT 2015 CORPORATE INSIGHT, INC.
AUTHOR: KEITH HORBERT
PUBLISHED: JUNE 2015
CREDIT CARD MATRIX INSIGHTS DECK
FIRST QUARTER 2015
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BACKGROUND
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 matrices
give our clients an in-depth view of the
online platforms and offerings of the
major U.S. issuers, analyzing information
from over 150 credit cards and 10 Major
credit card companies.
The following slides cover some key
findings from the Q1 2015 credit card
matrix. For more information, please
contact Grace Lei, Relationship Manager,
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FIRMS COVERED
Below is a list of the firms we track on a quarterly basis for our Credit Card Matrix:
Credit Card Matrix
American Express Citicards
Bank of America Discover
Barclays PNC
Capital One US Bank
Chase Wells Fargo
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SUMMARY
A plurality (44%) of major Credit Cards are points-based cards.
o American Express & U.S. Bank are tied for the most points cards offerings with 14.
o Bank of America has the most cashback cards (9 cards).
o U.S. Bank offers the most miles cards (13 cards).
Less than half (43%) of credit cards tracked by CCM currently offer an introductory purchase rate.
o Every Discover card has an introductory purchase rate.
57% offer an introductory balance transfer rate.
o Every Discover & PNC card has a balance transfer rate.
Nearly 3 out of 5 of major credit cards do not charge an annual fee.
All major credit cards can be applied for online.
o 80% of credit card companies allow cards to be activated online.
Only a small margin (32%) of companies offer credit cards with no foreign transaction fee.
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AVAILABLE REWARDS CREDIT CARDS –% OF PROMOTED CARDS (OUT OF 155)
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Points-based rewards
44%
Miles-based rewards23%
Cashback rewards23%
No rewards10%
MilesCashbackPoints
Bank ofAmerica
Wells Fargo
Barclays
25%
14%
11%
U.S. Bank
Barclays
Bank ofAmerica
37%
20%
11%
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AmericanExpress
U.S. Bank
Barclays
21%
21%
19%
INTRODUCTORY PURCHASE RATES (# OF CARDS)C
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Cards with an intro rate: 43%
Cards without an intro rate:
57%
Discover: 5 of 5
Wells Fargo: 10 of 11
Bank of America: 15 of 22
Capital One: 5 of 9
Citicards: 9 of 15
American Express: 12 of 20
PNC: 2 of 3
Chase: 9 of 13
Barclays: 18 of 24
U.S. Bank: 26 of 33
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Out of 155 credit cards
INTRODUCTORY BALANCE TRANSFER RATES (# OF CARDS)C
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Cards with an intro rate: 57%
Cards without an intro rate:
43%
Barclays 20 of 24
American Express: 15 of 20
Bank of America: 14 of 22
Citicards: 9 of 15
Capital One: 6 of 9
Chase: 9 of 13U.S. Bank: 24 of 33Wells Fargo:
10 of 11
PNC: 3 of 3Discover: 5 of 5
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Out of 155 credit cards
No Annual
Fee
American Express:
30%Bank of
America: 73%
Barclays: 75%
Capital One: 44%
Chase: 23%Citicards:
53%
Discover: 100%
PNC: 100%
U.S. Bank: 48%
Wells Fargo: 73%
CREDIT CARDS WITH NO ANNUAL FEE
18 cards
16 cards
4 cards
16 cards
3 cards
8 cards
5 cards
3 cards
8cards
6 cards
% of Issuer’s Total Cards with No Annual Fee
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STATEMENTS & REPORTSC
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9 out of 10 major credit card companies offer year-end
summaries in PDF
6 out of 10 major credit card companies offer spending
reports for users to analyze online accounts
Spending Reports Year-End Summary Statement
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ONLINE SIGN UP & LOG-INC
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New clients can apply online for ALL major
credit cards
8 out of 10 companies allow users to activate
cards online
Apply Online Activate Card Online
4 out of 10 companies have dual-factor
authentication for online account access
Online Sign-In
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CREDIT CARD REWARDS & FEESC
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77% of cards have bonus offers
81% of cards have no earnings limit on
rewards
32% of cards have no foreign transaction fees
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ONLINE CAPABILITIESC
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All 10 credit card providers accept online balance
transfers
Online Balance Transfers
6 out of 10 major credit cards allow users to change
payment due dates
Change Payment Due Date
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ABOUT CORPORATE INSIGHT
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
Senior Research Associate – Analytics
(646) 751-6962
MEDIA INQUIRIES
Please Contact:
Press Coverage
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