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Credit Card Shopping & The Application Process

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Banks and financial service institutions are evolving the way they pitch credit cards to existing and new customers. SapientNitro recently conducted research on people’s behaviors and how they feel when they apply for new cards. The goal – uncover insights to ultimately make the process as effective as possible for both parties.

We surveyed SapientNitro’s Proprietary Instrumented Research Community about their most recent experience applying for a credit card. Responses from 200 people were analyzed to help illuminate opportunities to improve the consumer experience of applying for a credit card.

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Credit Card Shopping & The Application Process

  1. 1. How Consumers Use Digital Tools To Apply For Credit Cards We wanted to better understand people’s behaviors and how they feel when they apply for new cards in order to uncover insights that ultimately make the process as effective as possible. We surveyed SapientNitro’s Proprietary Instrumented Research Community about their most recent experience applying for a credit card. Responses from 200 people were analyzed to help illuminate opportunities to improve the consumer experience of applying for a credit card. 60% of credit card applications are now done online. ‘ 4 online in ‘person by mail by phone As people explore what to look for in a new credit card, the biggest motivator is the quality of rewards. 44% 29% 27% 25% @000 Though societal clichés often describe women as the “shoppers, ” men actually have slightly more credit cards than women. 2.6 cards 3.02 cards Most people trust credit card companies with their data and generally say they understand why certain information is requested. c A 64.1% felt they understood the terminology of the application 974% understood why they needed to provide the information in the application. 872% felt that they understood how the credit card issuer was going to user their information. Key areas for future improvement of the application process were: 16.7% lisiisiarr . '—1r1cl l‘: i:at= .:r Applic"alior1 Prcicess ? 12% Better 'l'errn: s or Rewards E 7.4% Ql1i(‘l<9I‘RPS})()I1t$H & 7.4% Clear liisstrtrctiririsa Up Fmril 5.6% Re-quire Less lIll()I‘IIldll{)Il When applying for a card, people overwhelmingly use laptops and desktops, not smartphones or tablets. There’s a significant disparity between applicants’ confidence that they'll be approved for a credit card and the number of applicants who actually get approved. 58% Approved Of millennials, those who are married are most likely to think they'll be approved. 6’) 42.8% 11% is Q % a.8% Overall, people are very satisfied with their credit card application experience. Sapientiditm“

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