Mercator Advisory Group’s most recent report, 2020 North American PaymentsInsights—Credit Cards: Navigating Rough Waters, documents the changing patterns of U.S. credit cardholders as they grappled with the new realities of the pandemic, and their shifting choices in the use of payment cards. The survey of 3,000 U.S. adults (June 2020) represents a continuation of a series of consumer and business surveys conducted annually by Mercator Advisory Group since 2009.
While credit cards remain the preferred payment card both in-store and online, the number of households reporting they use a general purpose network branded credit card was down in 2020. Non-revolving charge cards and debit cards are the primary beneficiaries when consumers reduce their use of credit cards.
“These survey results are a foreshadowing of changes expected to play out more dramatically in 2021,” stated Theodore Iacobuzio, Vice President of Research at Mercator Advisory Group. “Shifts in card usage, and notably credit card rewards, may have major strategic impacts down the road for card issuers.”
This report is 58 pages long and contains 34 exhibits.