Your Trusted Guide to Smart Spending and Maximising Rewards !

1. How Do Indians Choose Their Credit Cards?

• 60%: Took whichever card was offered to them
• 20%: Got a call from a card salesperson who explained few benefits
• 15%: Suggested by their primary bank
• 5%: Conducted own research before applying

Insight: 95% of users select credit cards based on external suggestions, without conducting personal research or understanding their requirements. This results in missed opportunities to leverage better benefits and rewards.

2. Credit Card Spending Habits for rewards optimisation

• 40%: Are unaware of credit card rewards
• 33%: Use the same card for all purchases without considering rewards
• 24%: Consider rewards only for large transactions
• 3%: Strategically use the best of all cards they have for each transaction

Insight: A vast majority (97%) do not optimise their spending for rewards, either due to lack of awareness or convenience, leading to inefficient use of credit card perks.

3. Awareness & Usage about Credit Card Reward Points

• 40%: Never check their reward points
• 31%: Check occasionally, once every few months
• 25%: Check monthly when their statement is generated
• 4%: Check reward points regularly

Insight: 71% of users rarely or never check their reward points, leading to lost value and unused benefits. Regular tracking could help maximise potential rewards.

4. Have You Ever Redeemed Your Reward Points?

• 35%: Have never redeemed their reward points
• 30%: Opt for cashback to their statement since it's easier to understand
• 25%: Opt for auto-redeem cards without reviewing options
• 10%: Compare options and redeem for the most optimal value

Insight: 90% of users either don’t redeem their points or opt for suboptimal redemption methods, such as automatic conversions or cashback, instead of maximising value.

5. Have Your Credit Card Reward Points Ever Expired?

• 50%: Let points expire because they rarely checked them
• 25%: Keep track and redeem before expiry
• 15%: Redeem when remembered, without checking expiration
• 10%: Hold cards with longer expiration timelines

Insight: 50% of users allow points to expire due to negligence, showing need for better alerts and automation.

6. Why Are Users Not Optimising Their Credit Card Reward Points?

• 42%: Unaware or believe rewards are not valuable enough
• 37%: Find redemption process too complicated
• 11%: Don’t have time to manage rewards
• 10%: Not aware of how to maximise

Insight: Most respondents cite lack of awareness, complexity, or time constraints as barriers to optimising their rewards, highlighting a need for simplified reward structures.

7. Awareness & Usage of Free Credit Card Perks

Airport Lounge Access:

• 45%: Don’t use due to spend threshold
• 30%: Use occasionally
• 20%: Never used
• 5%: Use monthly

Golf Lessons:

• 70%: Unaware this benefit exists
• 15%: Don’t know golf, never used
• 14%: Don’t know how to redeem
• 0.9%: Used at least once
• 0.1%: Actively use

Airport Spa Access:

• 60%: Unaware this benefit exists
• 38%: Denied due to slot unavailability
• 2%: Used at least once

Concierge Services:

• 50%: Unaware this benefit exists
• 35%: Don’t know how to use
• 8%: Used at least once positively
• 6%: Used once negatively
• 1%: Use frequently

Insurance Benefits:

• 75%: Unaware of coverage
• 24%: Know but never used
• 0.99%: Tried claiming but denied
• 0.01%: Successfully claimed

Insight: Most users are unaware of premium credit card benefits like golf access (70%), spa access (60%), concierge services (50%), and insurance (75%). This indicates a major gap in user education regarding value-added services and their usage.

8. What Are The Credit Card Renewal Fee Waivers

• 54%: Are unaware waivers are possible
• 30%: Didn’t meet spend threshold
• 16%: Achieved waiver through spend or negotiation

Insight: More than half of respondents (54%) are unaware of renewal fee waivers, missing out on potential savings through strategic spending or negotiation.

9. Credit Card Usage for Large Purchases

• 55%: Avoid due to fear of debt
• 40%: Use EMI options
• 5%: Use for all major purchases to optimise rewards

Insight: Fear of debt and lack of awareness about rewards prevent 55% of users from using credit cards for large purchases, despite potential benefits like EMI options and rewards accumulation.

10. Credit Cards vs. UPI – What’s More Popular?

• 50%: Prefer UPI due to convenience
• 30%: Mix of cards and UPI without clear strategy
• 15%: Use cards for rewards and credit period
• 5%: Use Rupay UPI cards to optimise

Insight: UPI remains the dominant payment method (50%), while credit cards are underutilised for everyday transactions. Rupay UPI credit cards could serve as a bridge to encourage better reward optimisation.

11. Biggest Frustrations with Credit Cards

• 50%: Complicated redemption process
• 30%: High fees and hidden charges
• 15%: Poor customer support
• 5%: Difficulty tracking multiple cards

Insight: 50% of users find the reward redemption process complicated, with high fees and poor customer support further contributing to dissatisfaction. Simplifying redemption can significantly improve customer experience.

12. Would Users Consider Switching Their Primary Credit Card?

• 65%: Yes, for better rewards
• 25%: Unsure or indifferent
• 10%: Loyal to current card

Insight: With 65% of users open to switching cards for better benefits, financial institutions must focus on improving reward structures and customer experience to retain their user base.

13. Where Do Users Search for Credit Card Knowledge?

• 60%: Social media influencers
• 25%: Friends and family
• 10%: Bank websites or official sources
• 5%: Not interested

Insight: A concerning 60% of users rely on social media influencers for credit card knowledge, which may lead to misinformation. Encouraging users to refer to verified financial sources is crucial for informed decision-making.