Infographic: Security tops all factors in choosing a card
Freedom from ID theft trumps rewards, rates
By Juan Rodriguez and Jeff Herman
Identity theft worries have made security features the No. 1 factor when choosing a credit or debit card for purchases, a new Javelin study finds.
Second on the list of factors is rewards earned for purchases (71 percent). Overdraft fees (66 percent) and interest rates (65 percent) are other factors. Whether a card has an EMV chip seems to matter relatively little to people selecting a card (52 percent), and dead last in the Javelin study is whether a card can be used in a mobile wallet (32 percent).
Security is a key hurdle in mobile wallet adoption, the study finds, as boomers, affluent and middle-class consumers are more likely than the average cardholder to avoid mobile wallets because of identity theft concerns.
The Mobile Wallet Fraud Migration study is based on two Javelin surveys that targeted populations representative of the overall U.S. population in proportions of gender, age and income. A random sample panel of 3,195 consumers with mobile phone or smartphones was conducted in June and July 2015, and the 2015 ID Fraud survey was conducted among 5,111 U.S. adults over 18 from Oct. 15 to Nov. 2, 2015. Javelin released findings from the study on April 14, 2016.
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Published: May 4, 2016
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