Please provide a list of 5 stats that demonstrate the effectiveness of credit card "art."
There is a lot of anecdotal information about the effectiveness of credit card "art" but very few general statistics. I have compiled five statistics below that illustrate the impact of various design elements in attracting new customers and motivating customers to choose a certain card over others in their wallets.
1. "Ability to select my card design" was cited by 14% of respondents as one of the most attractive features of their most-used cards in an annual survey of 1,000 consumers by TSYS, a global payment solutions provider.
In its most recent 2016 survey, "Type of rewards" (59%), "Finance charge/interest rate" (30%), "Card brand" — i.e. Visa, Mastercard, etc. (30%), "Payment options/flexibility" (29%), "Customer service" (22%), and "Alerts/mobile options" (19%) were all cited more frequently by survey respondents than "Ability to select my card design" (14%), showing that design does have an impact, but is not the leading factor. These results have been consistent over the last three years of the survey (2014-2016). Note that this may reflect only what drives consumers to use their existing cards, not what attracted them to apply for one card over another, since they were asked to choose the most attractive features about the most-used card they currently have.
2. Metal cards "may cost around $30-50 to produce, about 10-20 times more than plastic cards" but they are still a hot trend among high-end credit cards.
In a recent study, researchers found "[d]emand for the platinum card greatly exceeds demand for a nondescript control product with identical benefits,” and "platinum cards are more likely to be used in social contexts, implying social image motivations." Major credit card issuers are reluctant to release numbers about their current cardholders, but the findings of this research may explain why they are investing so much in these metal cards.
3. "The average credit card balance of a personalized-card user at America First [is] a little over US$200 higher than that of a non-Picture Perfect card holder."
There is anecdotal evidence that personalization can impact the use of credit and debit cards. America First Credit Union, based in Utah, has about 243,000 of its 392,205 debit card users (62%) participating in its Picture Perfect program that allows customers to upload their own custom images to be put on their debit or credit cards. The credit union's Picture Perfect debit card users average 20 transactions per month compared to 12 transactions per month for those without personalized cards. These statistics could be skewed by the possibility that customers who care enough to upload a personal picture on the bank's website are possibly already more loyal to the credit union and more likely to use the card.
4. Attracting millennials is a key priority for the industry and the launch of the Chase Sapphire Reserve card, which ran out of its metal card in the first two weeks after launch, reveals physical characteristics are important to this demographic.
Millennials will become the customer segment with the greatest personal income, growing to $8.3 trillion by 2025, and they use cards (debit and credit) for 57% of their spending. Companies are also trying to attract them through personal touches.
5. The branded cards division of Citi grew 13% annually, while the rest of its North American consumer banking revenue grew only 2%, as of Q1 2017.
Citi acquired 11 million Costco branded cards in June 2016 and these were the primary driver of the bank's gains in branded cards, showing the power of branded cards to drive business results.