Payments

Wells Fargo survey finds credit card users purged during COVID-19

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August 3, 2021

A Wells Fargo survey reveals customers made major "purges" during COVID-19. For example, 72% decluttered closets, 29% purged social media friends and 33% simplified finances, according to a press release.

In addition, the survey also found a few data points surrounding credit card usage, such as:

• 44% of consumers want cash back features on their cards.
• 22% want sign on bonuses for cards.
• 38% want rewards.

Consumers find current credit card reward management tedious. 18% compared it to doing taxes and 14% to being stuck in traffic.

"The pandemic helped many of us realize that less is truly more and encouraged us to remove unnecessary complications from our lives and get back to the basics, which is why we designed the Active Cash Card for those who want a high-value cash back credit card without caps or limits," Krista Phillips, head of branded cards and marketing for Wells Fargo credit cards, said in the release. "Now more than ever, cardholders want simplicity from their credit cards with no hassle around activating categories, tracking limits, or calculating rewards when managing their card rewards."