As consumers gear up for back to school spending and soon holiday shopping, they’re often looking for the “perfect” credit card to match their needs. Unfortunately, a national survey by Experian found that consumers are overwhelmed by the many credit card offers and find it difficult to navigate selecting the right card.
What do consumers want in a credit card?
- Fifty-four percent of surveyed respondents want no annual fee, while 45 percent of them want a rewards program.
- Among the top rewards, almost 90 percent of those surveyed prefer cash back and 74 percent of them prefer gas rewards.
- Thirty-three percent of surveyed consumers say credit cards can better meet their needs by having lower interest rates.
- Sixty-nine percent of surveyed respondents wish they knew in advance if they would be approved before applying.