Customer Spending Habits Differ by Credit Card Network
The way you spend money may have something to do with the type of credit card you carry. A new study from Morgan Stanley shows how credit card spending by Americans changes by network.
American Express cardholders spend more money on their card in an average month than any other cardholders, according to Cheryl Pate, a Wall Street Analyst for Morgan Stanley. The average AmEx user spends $1,687 a month, which is more than double the spending of the next closest network.
Visa cardholders are the second biggest spenders, racking up an average of $843 a month in transactions. Discover cardholders spend a comparable $737 each month, while MasterCard users spend an average of $639 per month.
“While competition has intensified and some competitors are picking up share, AmEx continues to resonate with affluent customers,” writes Pate. “AmEx’s primary cardmember base skews much higher to affluent clients than other networks.”
The changes in card spending habits seem to have had no influence on consumers’ satisfactions with their card providers. The most recent J.D Power card satisfaction study showed Discover ranked highest in customer satisfaction, with American Express in a close second.