Credit Card Branding More Important Than Interest Rates
Credit card cool really is important to consumers according to a survey produced by Fool.co.uk.
Brand and reputation were found to outweigh almost all other considerations when customers select credit cards.
According to the survey:
“Eight out of ten credit card users say the brand and reputation of credit cards are more important than other factors such as balance transfer fees and long balance-transfer periods.”
Which is particularly surprising in an environment of rising UK interest rates.
“However, the importance of other issues rises to the fore when similar credit cards are compared. Measured against four leading credit cards, Barclaycard, with a typical APR of 14.9% and a 13-month 0% balance transfer period, fared best - nine out of ten customers said they are satisfied. It is a hair’s breadth ahead of Egg, MBNA and Halifax, which have slightly more expensive borrowing costs and marginally higher balance-transfer fees.”
David Kuo, Head of Personal Finance at Fool.co.uk says, “According to Fool.co.uk readers, Barclaycard is still on top some 41 years after launching the first credit card in the UK. Today, the industry boasts more than 66 million credit cards, and accounts for almost £150 billion of transactions a year.”
(Via EasierFinance)
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