The emergence of digital credit is the best since sliced bread because you can now purchase whatever you need without using cash. Initially, whenever you wanted to purchase an item, you’d be forced to use cash, thanks to the technology. There are credit aspects that consumers love and there are those that they don’t. In this article, we are going to show you what aspects consumers love in a credit card and what they don’t love.
Let’s get started.
Aspects That Consumers Love
- Rewards
Reward is ranked as the most attractive aspect that a credit card offers its consumers. In fact, other features such as design of the card, interest rates, and flexible payment options can’t match the cash reward consumers get.
Reward digital credit gives commissions to card holders when they make purchases. The commissions vary depending either on the issuer or type of the card.
Rewards can be in form of gas station purchase discounts, cash backs, or travel miles. The best of all is that you can also redeem your rewards to make purchases.
- Freedom of Choice
Consumers love choosing from a range of choices when it comes to payment methods. In the latest study by Tsys, credit have emerged as the most preferred method of payment over debit cards.
When Tsys asked consumers what they’d prefer if given the freedom to choose between credit payment, debit cards or cash. 45% chose credit payment, 35% chose debit cards, while 11% said they preferred cash.
The method of payment a consumer will choose largely depends on the time and location. In addition, consumers will prefer credit payment for larger transactions. For instance, ePayLater – India’s first digital credit card allows consumers to purchase items and pay later.
Aspects That Consumers Don’t Love
- Security Concerns
Consumers love and value the security of their credit cards. “When asked to choose between a new card that was rated top in security and one that rated top in rewards, 74% choose security as an important criterion for selection.”
Users also want most card features available on their mobile phones. For example, 69% would like to use their phones to cancel any transactions they did not authorize. In addition, slightly more than half would prefer to use their smartphones to either turn their credit cards on or off.
- Paying Higher Rates on Interest
Most credit have the option for a lower payment; which looks like a sound deal, but not. When you pay the minimum amount allowed, the balances are carried forward and as the balances accumulates, the interest rates also accumulate.
So, if you’re in a position to clear balances, please do so because minimum payments will do more harm than good to you. Clearing your debts in time earns you a good credit score which will give the advantage of qualifying for higher loans.
Finally, paying your bills in time can lower your interest rates – so, try as much as possible not to pay attention to the credit card offer of minimum payment, unless you’re really stuck.
Bottom Line
You may choose to like one aspect over the other, or hate another because of other reasons. You’re the consumer; it’s your prerequisite.
