Consumer Wallets Packed with Plastic - Products News


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Consumer Wallets Packed with Plastic

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Many consumers have a full deck of cards to pick from each time they make a purchase according to Wallaby Financial. The company makes a cloud-based mobile wallet service that allows customers to upload their credit card information into the Wallaby database so they can advise them on which is the best one to use for a particular purchase.

Just how many cards are people carrying in their wallets these days? Wallaby says that the average number of credit cards for one of their customers is just over four (4.2). One-fifth of their users have six or more credit cards, and almost half (49%) have two or more rewards credit cards.

Rewarding behavior

When it comes to those rewards cards, folks carry two main types: 77% of users have a points-based credit card and 35% have miles-based cards. Some obviously have both.

The Wallaby research shows that card holders aren’t necessarily loyal to just one credit card issuer. Thirty percent of customers have cards from at least three of four major networks – Visa, MasterCard, American Express, and Discover. Though less than 8% carry all four. Wallaby offers an infographics of who carries what among their users:

  • Visa – 77%
  • American Express – 73%
  • MasterCard – 51%
  • Discover – 24%

Having credit cards from several different issuers is one way that customers can maximize their rewards, since many cards offer extra or different rewards on a rotating basis. Using a financial app to track which cards offer the most reward points or cash back at certain stores can be helpful to customers who have several cards to choose from.

Wallaby’s app allows customers to upload all of their credit cards and it analyzes the rewards available to recommend which credit card to us. If, for example, Discover is offering five percent back in department stores and the customer I has both a Citi and a Discover card, Wallaby will suggest using Discover for that purchase.

As for redemption, points and miles are often interchangeable. Whether customers earn one point per dollar spent or one mile per dollar spent, the rewards usually equal an average of a one percent return on purchases. Reward miles can usually be used to purchase actual frequent flyer miles or discounted airfares, but they may also be cashed in for statement credits, merchandise or cash.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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