Customers ‘pick cards by brand’
A person is more likely to pick up a credit card based on the company carrying it, it has been claimed.
Research from the Motley Fool has found eight out of ten consumers put brand reputation before anything else.
This may see some choosing to take out a credit card with a high-profile company rather than opt for a loan, even if the latter is cheaper.
But two out of five Motley Fool readers stated that they are happy with the service they receive from their card companies.
David Kuo, head of personal finance for the site, issued a warning to the industry.
"It must stop talking of introducing annual fees for low-usage customers, which sends out the wrong message to sensible consumers."
The Motley Fool has estimated that there are 66 million credit cards available to consumers, with money charity Credit Action claiming the UK's personal debt total is £1.3 trillion.
© Adfero LtdYou can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.