What’s the benefit of having a credit card? That’s easy – it allows you to buy things with money you don’t currently have. (Of course, that may also be the biggest drawback of having a credit card, if you can’t control your spending.)
All credit cards allow basic purchases, but what specific benefits draw you to choose one credit card over another? A recent survey and report by Market Strategies International digs into the specific features that users prefer. Their #1 choice? No annual fee.
Given that 80% of card users aren’t clear about the benefits of their existing primary credit card, card issuers are better served by focusing on the top perceived benefits. The report suggests that card issuers must focus on the “must haves” and not depend on narrower benefits (listed in the survey as “tailored extras”).
Eighteen different credit card benefits were ranked and categorized into tailored extras, cost and value-related benefits, or baseline items that m…