Credit Card Matrix Insights - Q1 2015

COPYRIGHT 2015 CORPORATE INSIGHT, INC.

AUTHOR: KEITH HORBERT

PUBLISHED: JUNE 2015

CREDIT CARD MATRIX INSIGHTS DECK

FIRST QUARTER 2015

BA

CK

GR

OU

ND

BACKGROUND

As part of our Monitor Services,

Corporate Insight provides clients with a

quarterly analysis of key features and/or

products, presented in the form of a

matrix.

The two Credit Card Monitor matrices

give our clients an in-depth view of the

online platforms and offerings of the

major U.S. issuers, analyzing information

from over 150 credit cards and 10 Major

credit card companies.

The following slides cover some key

findings from the Q1 2015 credit card

matrix. For more information, please

contact Grace Lei, Relationship Manager,

at [email protected].

2

FIRMS COVERED

Below is a list of the firms we track on a quarterly basis for our Credit Card Matrix:

Credit Card Matrix

American Express Citicards

Bank of America Discover

Barclays PNC

Capital One US Bank

Chase Wells Fargo

FIR

MS

CO

VE

RE

D

3

SUMMARY

A plurality (44%) of major Credit Cards are points-based cards.

o American Express & U.S. Bank are tied for the most points cards offerings with 14.

o Bank of America has the most cashback cards (9 cards).

o U.S. Bank offers the most miles cards (13 cards).

Less than half (43%) of credit cards tracked by CCM currently offer an introductory purchase rate.

o Every Discover card has an introductory purchase rate.

57% offer an introductory balance transfer rate.

o Every Discover & PNC card has a balance transfer rate.

Nearly 3 out of 5 of major credit cards do not charge an annual fee.

All major credit cards can be applied for online.

o 80% of credit card companies allow cards to be activated online.

Only a small margin (32%) of companies offer credit cards with no foreign transaction fee.

CR

ED

IT C

AR

D M

AT

RIX

4

AVAILABLE REWARDS CREDIT CARDS –% OF PROMOTED CARDS (OUT OF 155)

CR

ED

IT C

AR

D M

AT

RIX

Points-based rewards

44%

Miles-based rewards23%

Cashback rewards23%

No rewards10%

MilesCashbackPoints

Bank ofAmerica

Wells Fargo

Barclays

25%

14%

11%

U.S. Bank

Barclays

Bank ofAmerica

37%

20%

11%

5

AmericanExpress

U.S. Bank

Barclays

21%

21%

19%

INTRODUCTORY PURCHASE RATES (# OF CARDS)C

RE

DIT

CA

RD

MA

TR

IX

Cards with an intro rate: 43%

Cards without an intro rate:

57%

Discover: 5 of 5

Wells Fargo: 10 of 11

Bank of America: 15 of 22

Capital One: 5 of 9

Citicards: 9 of 15

American Express: 12 of 20

PNC: 2 of 3

Chase: 9 of 13

Barclays: 18 of 24

U.S. Bank: 26 of 33

6

Out of 155 credit cards

INTRODUCTORY BALANCE TRANSFER RATES (# OF CARDS)C

RE

DIT

CA

RD

MA

TR

IX

Cards with an intro rate: 57%

Cards without an intro rate:

43%

Barclays 20 of 24

American Express: 15 of 20

Bank of America: 14 of 22

Citicards: 9 of 15

Capital One: 6 of 9

Chase: 9 of 13U.S. Bank: 24 of 33Wells Fargo:

10 of 11

PNC: 3 of 3Discover: 5 of 5

7

Out of 155 credit cards

No Annual

Fee

American Express:

30%Bank of

America: 73%

Barclays: 75%

Capital One: 44%

Chase: 23%Citicards:

53%

Discover: 100%

PNC: 100%

U.S. Bank: 48%

Wells Fargo: 73%

CREDIT CARDS WITH NO ANNUAL FEE

18 cards

16 cards

4 cards

16 cards

3 cards

8 cards

5 cards

3 cards

8cards

6 cards

% of Issuer’s Total Cards with No Annual Fee

CR

ED

IT C

AR

D M

AT

RIX

8

STATEMENTS & REPORTSC

RE

DIT

CA

RD

MA

TR

IX

9 out of 10 major credit card companies offer year-end

summaries in PDF

6 out of 10 major credit card companies offer spending

reports for users to analyze online accounts

Spending Reports Year-End Summary Statement

9

ONLINE SIGN UP & LOG-INC

RE

DIT

CA

RD

MA

TR

IX

New clients can apply online for ALL major

credit cards

8 out of 10 companies allow users to activate

cards online

Apply Online Activate Card Online

4 out of 10 companies have dual-factor

authentication for online account access

Online Sign-In

10

CREDIT CARD REWARDS & FEESC

RE

DIT

CA

RD

MA

TR

IX

77% of cards have bonus offers

81% of cards have no earnings limit on

rewards

32% of cards have no foreign transaction fees

11

ONLINE CAPABILITIESC

RE

DIT

CA

RD

MA

TR

IX

All 10 credit card providers accept online balance

transfers

Online Balance Transfers

6 out of 10 major credit cards allow users to change

payment due dates

Change Payment Due Date

12

ABOUT CORPORATE INSIGHT

Connect With Us

Corporate Insight provides competitive intelligence and user experience research to the nation’s

leading financial institutions. For over 20 years, the firm has tracked technological developments in the

financial services industry, identifying best practices in online banking and investing, online insurance,

mobile finance, active trading platforms, social media and other emerging areas. There are no

assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing

our clients with unparalleled, unbiased intelligence on the competition.

KEITH HORBERT

Senior Research Associate – Analytics

(646) 751-6962

[email protected]

MEDIA INQUIRIES

Please Contact:

[email protected]

Press Coverage

13