More Than Half of Card Switchers Choose an Existing Card, PYMNTS Reports
PYMNTS Intelligence found that 58% of U.S. consumers who switched their primary credit card in the past two years elevated a card they already had. That shift represents roughly 45 million switchers moving an existing card into the top of wallet position, compared with 33 million who opted for a newly issued card.
The findings come from a PYMNTS Intelligence survey conducted in June 2024 of 2,460 U.S. adults holding at least one general‑purpose credit card, of which 884 had changed their primary card in the previous 24 months. Among those switchers, 71% settled on their new primary card within a month, with 17% deciding in less than a week and another 29% taking one to two weeks. Forty‑six percent reported no contact with their former issuer before making the switch, while only 17% said the issuer reached out and those contacts typically lacked a meaningful offer. Looking ahead, 29% of recent switchers say they are very or extremely likely to change their primary card again in the next year, compared with just 5% of consumers who have not switched. When issuers did make a retention attempt, the most common offers were annual‑fee relief at 32%, statement credits or cash back at 31%, promises to improve the digital experience at 31%, and bonus points or miles at 31%.
Issuers often assume their biggest retention threat is a rival bank winning a new‑account application. The PYMNTS report, produced in collaboration with Elan, shows that the threat frequently comes from cards already present in the consumer’s wallet.
What we know
36% of U.S. cardholders switched primary card in the past 24 months, representing 78 million people.
58% of switchers elevated an existing card rather than obtaining a new one.
71% of switchers decided on their new primary card within a month.
46% of switchers had no contact with their previous issuer before switching.
29% of past switchers say they are likely to switch again within the next year.