Instant Gratification Leads to Increased Satisfaction - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Instant Gratification Leads to Increased Satisfaction

Instant Gratification Leads to Increased Satisfaction

Instant Gratification Leads to Increased Satisfaction
Tags: , ...
The content is accurate at the time of publication and is subject to change.

There may be something to be said for waiting, but when it comes to getting a debit card from your bank, it’s all about instant gratification.

A study from the Javelin Institute showed that customers who were instantly issued debit cards when opening up a new bank account were more likely to report satisfaction with their bank. They were also more likely to start using that debit card right away, adding to the bank’s revenue stream with interchange fees.

The study showed that folks were 22% more likely to rate themselves as “extremely satisfied” with their financial institution when the bank gave them a card right away, rather than making them wait for the card in the mail. They were also more likely to say their bank was innovative (64% versus 48%) and a “great finance partner” (57% compared with 45%).

And there are financial benefits for banks, as well. In the first month of using the card, each customer accrued between 50 cents and 77 cents in interchange revenue, which adds up when you realize that big banks have millions of customers.

Credit unions and small banks strive to match big bank practices

Seeing the success of instant card-issuers, smaller banks and credit unions are trying to switch over from mailing cards and start issuing customers their debit cards immediately. It only takes about five to fifteen minutes to print a card in the bank and instantly issue it.

“Notably, smaller institutions, such as community banks and credit unions, are leading adoption of instant issuance to gain a competitive advantage over their larger peers,” said Javelin’s Nick Holland, lead author of the study.

People don’t want to wait for lost and stolen card replacements

Folks don’t just need new debit cards when they open a new account—they also need them if their card has been lost, stolen, or compromised. When people were given a new card immediately after reporting their card lost or stolen, rather than having to wait for the mail, they were 30% more likely to say they were “very-to-extremely satisfied” with their banks than those who had to wait.

“While financial institutions traditionally focus on the monetary benefit of instant issuance, our research shows it can also empower them to address growing customer demand for immediate service—from opening a new account to replacing lost or stolen cards,” explained Holland.

The study, titled, Instant-Issuance Payment Cards: Fulfilling Consumer Expectations for Immediacy, is a white paper jointly issued by Javelin and Entrust Datacard. For more information copies can be requested here.

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.
Add to Favorites:

Related News:

Switching Credit Cards Is Popular and Discover Scores Best in Customer Satisfaction
Switching Credit Cards Is Popular and Discover Scores Best in Customer Satisfaction

Posted: August 27, 2018

Consumers are very interested in maximizing rewards and willing to switch credit cards to get the best rewards and benefits, according to the new J.D. Power 2018 Credit Card Satisfaction Study. Yet they also found out that some consumers… Continue reading

New Credit Cards From Peoples Bank
New Credit Cards From Peoples Bank

Posted: November 03, 2015

People’s United Bank and Elan Financial Services have rolled out six new credit cards including the World Elite, World Bonus Rewards, World Bonus Rewards PLUS, Platinum, College and Secured cards. Continue reading

Millennials All Too Willing To Switch Banks
Millennials All Too Willing To Switch Banks

Posted: August 25, 2016

Low or no-fee banking is trending with 24 to 34-year-old millennials, according to a new FICO Survey. So much so, that for 45% avoiding banking fees is the top reason why they change banks. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
For Excellent, Good Credit
Earn unlimited 1.5% cash rewards on all purchases.
For Good, Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!