In the last year, 20 percent of Americans said they attempted to shop around for a new credit card, according to the latest statistics from the tracking firm comScore. Another 34 percent said they were feeling optimistic about the economy.
“As we see consumer economic sentiment improve, we’re also seeing a corresponding increase in retail and e-commerce spending along with increased card shopping, especially among those in the subprime sector,” said Sarah Lenart, comScore vice president of financial services. “With shopping and card applications expected to continue to increase in 2011, consumers are likely to place even greater emphasis on competitive card features and offerings as well as enticing rewards programs.”
The most sought-after credit card feature was a low interest rate, with 40 percent of respondents saying this was their primary concern, the report said. Another 28 percent indicated that accounts with no annual fee were what they preferred. Just 13 percent of Americans said they wanted a credit card that allowed them to accrue rewards points.
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Consumers’ ability to deal with their financial obligations have improved considerably in recent months. In particular, rates of home loan and credit card delinquency have declined sharply over the last year.