Every second bank customer is ready to recommend his credit card to friends

8 June 2021
 

Credit card users are satisfied with the way digital banking is set up, they note a high level of service and a sufficient credit limit. The TOP-5 banks in terms of customer loyalty with credit limit cards included Sovcombank, Raiffeisenbank, Alfa-Bank, VTB and Tinkoff Bank. These are the results of a study by the NAFI Analytical Center*, which was conducted among credit card holders of leading Russian banks (including installment cards and overdraft cards).

In the coming year, 67% of surveyed bank customers plan to continue using their credit cards.

Half of the respondents (51%) have experience in recommending a card with a borrowed funds limit to relatives, friends or colleagues. Most often, working clients, clients of a high-income group, as well as card users aged 29-39 are ready to recommend their credit cards. The unemployed, representatives of the age group 55+, low-income clients are less likely to recommend others.

Basis of Choice and Loyalty Drivers

When choosing card products, customers primarily focus on the size of the interest-free (grace) period (96%), the interest rate on the loan (94%) and the cost of issue and annual maintenance (94%). And when assessing by respondents the credit cards they already have, the main drivers of loyalty were favorable conditions (18%), ease of use (17%) and the presence of a large grace / interest-free period (13%).

Most of all, cardholders with a credit limit are repelled from using such cards by the interest rate (27%), unfavorable terms of use in general (6%), and 14% simply do not like to take loans and try not to borrow as much as possible.

Advantages and disadvantages of credit cards

Customers listed the advantages and disadvantages of the credit cards they own. 84% of the respondents stated about the advantages of their cards. Most often, they pointed to a sufficient credit limit (42%) and the ability to apply for a card online (38%). Other benefits are free installments, a large number of points of sale where the card is accepted, free issue, reissue and maintenance of the card, free digital banking and SMS informing.

62% of respondents pointed out the shortcomings of their credit cards. Most often, they talked about a short grace period, a little less often about an insufficient credit limit and interfering advertising notices. A quarter of respondents (25%) stated that there were no flaws in their cards.

* The survey was conducted by the NAFI Analytical Center in March 2021. 1,490 customers of leading Russian banks were surveyed, where customers have at least one credit card (including installment cards, overdraft cards). The study was conducted by the method of online and telephone surveys.
Type of publication: Industry report

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