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Discover Survey Shows Consumers More Satisfied with No Annual Fee Credit Cards

A new survey from Discover suggests that paying an annual fee on a
credit card does not always guarantee satisfaction with it. The
collected data showed that 70 percent of consumers are very satisfied
with their credit cards with no annual fee, while in contrast, only 35
percent of respondents said they are equally satisfied with their credit
cards that require an annual fee.


The survey found that 66 percent of consumers said a credit carda??s
annual fee factors into their selection of it, and similarly, 60 percent
said having no annual fee is a very important factor when they choose a
card. Most people who pay an annual fee reported paying between $51-100.


Among consumers actively considering switching credit cards, the number
one reason a?? 54 percent a?? is to avoid paying the annual fee. Older
consumers are more likely to consider switching to a new credit card
because they do not want to pay the annual fee a?? 78 percent of
pre-boomers, 67 percent of baby boomers and 58 percent of Gen X,
compared to 46 percent of millennials and 41 percent of post-millennials.


"Our survey found that the most popular benefits for paying an annual
fee are to receive cash-back rewards (52 percent) and travel
benefits/rewards (48 percent),a?? said Andrew Hopkins, senior vice
president of marketing at Discover. "We dona??t think our cardmembers
should have to pay a fee to get great perks, which is why we provide a
full suite of credit cards with a variety of benefits, all without
annual fees.a??1


When it comes to paying annual fees, younger generations are more likely
to participate, as 59 percent of post-millennials and 52 percent of
millennials have a credit card with an annual fee, compared to 47
percent of Gen X, 43 percent of pre-boomers and 41 percent of baby
boomers.
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