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13/08/2009 -
Although the credit crunch has received significant attention from the press lately, the majority of consumers who have applied for new credit cards have been approved, said a recent study from Mercator Advisory Group.The survey found that, of the 27 percent of consumers who applied for new credit cards recently, six in 10 were approved.
In addition, of those who were not approved, only 15 percent indicated that they planned to change their spending behavior as a result.
The survey implies that the credit crunch has not had a significant impact on the spending behavior of consumers, at least in terms of credit card use.
Still, credit card companies are expected to unveil more loyalty programs and reward incentives, to prevent losing customers due to difficult economic conditions.
"This makes understanding consumer sentiment and behavior critical to card issuers and other stakeholders, as they seek opportunities today and plan for growth when the economy improves," said Ken Paterson, vice president for research operations at Mercator Advisory Group.
These new programs and incentives will likely add to the increasing popularity of payment cards as an alternative to cash and checks, making it even more crucial for merchants to implement payment card processing services.
