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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Credit Cards: Still the Card of Choice.
After a one year lull, Merchants are trying to influence customer card choice again:
- 2019 saw a 7% increase in “stores posting signs about minimum purchase to use credit”
- Last year, 40% of consumers reported seeing discounts for using cash vs. credit. In 2019, 46% reported.
- 8% more consumers witnessed stores charging a fee for credit card use this year vs. last year
- 7% more consumers saw signs requesting not to use credit this year than last
- 36% of consumers report ‘taking their business elsewhere’ after seeing a requent not to use credit
- Similar percentages of customers defect after seeing signs for an extra fee or not accepting a card brand
About this report
Mercator Advisory Group’s most recent consumer survey report, Credit Cards: Still the Card of Choice, from the bi-annual North American PaymentsInsights series, reveals that the credit card is U.S. consumers’ preferred method of payment both online and offline.
When shopping in stores, 43% of U.S. consumers prefer to use credit/charge cards, followed by 32% who prefer to use debit and 17% who opt for cash. Further, these findings are on…