Summary
The Marqeta 2024 State of Credit Report is a comprehensive analysis of credit card usage trends among consumers in the U.S. and U.K. The report is based on a survey of over 2,000 U.S. consumers and 1,000 U.K. consumers, aiming to understand their credit card behaviors in 2024 and expectations for 2025. It discusses the declining loyalty to individual credit cards, highlighting that even satisfied users are likely to apply for new cards. The report identifies two significant consumer trends: 'deal chasers,' who are incentivized by rewards, and 'card-cutters,' who prefer to maintain a single credit card. The findings reveal that dynamic rewards are crucial for attracting and retaining customers in a competitive environment. Additionally, the report notes that a significant percentage of consumers have stopped using certain cards, often due to high-interest rates or the availability of better options. The insights aim to guide brands in enhancing their credit card offerings to meet evolving consumer demands.
