US Credit Cardholders Shift Primary Spending

A study by PYMNTS Intelligence and Elan Credit Card reveals that approximately 78 million Americans, or 36% of cardholders, have changed their primary credit card within the last 24 months. The shift is largely driven by consumers moving existing cards to the front of their wallets rather than applying for new ones; 58% of switchers utilized a card they already owned.

Key motivations for switching include better rewards (38%), higher credit limits (36%), initial bonuses (30%), and improved mobile applications (24%). The trend is most pronounced among younger demographics, with 56% of Gen Z cardholders reporting a switch compared to 18% of baby boomers and seniors.

Many consumers switch without contacting their previous issuer, though 37% did reach out to their bank without receiving a successful retention offer. While banks may offer bonuses or statement credits to prevent account cancellations, the study suggests that spending shifts often occur long before an account is actually closed.