The Competitive World of Cash-Back Cards
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1 The Competitive World of Cash-Back Cards Joel Stanton, Senior Analyst, Lightspeed Research May 10, 2012
2 Cash Back Cards: American Express Blue Cash American Express offers cash back rewards with the Blue Cash card. Cardholders earn 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% everywhere else. Cardholders can earn unlimited cash back over the course of the year. There is no annual fee. Source: Americanexpress.com, Dec
3 Cash Back Cards: American Express TrueEarnings Amex also issues the TrueEarnings Card, in partnership with Costco. Card serves as both an Amex credit card and a Costco membership card. Cardholders earn 3% cash back on gasoline, 2% cash back on travel and restaurants, and 1% cash back everywhere else, including Costco. Cardholders can earn unlimited cash back over the course of the year. There is no annual fee for the card; Costco membership does entail an annual fee. Source: Americanexpress.com, Dec
4 Cash Back Cards: BankAmericard Cash Rewards The BankAmericard Cash Rewards card is Bank of America s primary cash back credit card. Cardholders earn 3% cash back on gasoline, 2% cash back on groceries, and 1% cash back everywhere else. Cardholders have the ability to receive a 10% bonus when redeeming rewards into a Bank of America checking or savings account. Cardholders can earn unlimited cash back over the course of the year. There is no annual fee. Source: Bankofamerica.com, Dec
5 Cash Back Cards: Capital One Cash Rewards Capital One offers cash back with the Cash Rewards card. Standard offering is 1% cash back on all purchases, plus a 50% bonus on the cash back earned every year. Therefore, the effective cash back earn rate is 1., so long as the cardholder keeps the card open for the entire year. Cardholders can earn unlimited cash back over the course of the year. There is no annual fee. Source: Capitalone.com, Dec
6 Cash Back Cards: Chase Freedom The Freedom card is Chase s primary cash back product. Standard offering is 1% cash back on all purchases, with no limits on how much can be earned each year. Offers cash back on up to $1,500 spent in bonus categories that change each quarter (cardholder must activate each quarter). There is no annual fee. Source: Chase.com, Dec
7 Cash Back Cards: Citi Dividend The Dividend card is Citibank s leading cash back card. Standard offering is 1% cash back on all purchases, with cardholders allowed to earn up to $300 per calendar year. Offers cash back on purchases made in bonus categories that change each quarter (cardholder must enroll each quarter). There is no pre-set limit to the quarterly bonus these is only the annual maximum cash back limit of $300. There is no annual fee. Source: Citicards.com, Dec
8 Cash Back Cards: Discover More Discover s flagship product is the Discover More card. Standard offering is up to 1% Cashback Bonus cardholders earn 0.2 cash back on the first $3,000 in purchases each year, then 1% on all purchases (except warehouse club purchases) beyond $3,000. Offers Cashback Bonus for purchases made in bonus categories that change each quarter (cardholder must activate each quarter). Quarterly bonus category purchase limits were recently raised to $1,500. Cardholders can earn an unlimited amount of Cashback Bonus each year. There is no annual fee. Source: Discover.com, Dec
9 Cash Back Cards: Key Metrics and Demographic Comparisons 9
10 Key Metrics: Average Monthly Purchase Volume The American Express Blue Cash cardholders generated the largest amount of average monthly spend over $1,000 per month in Q Capital One Cash Rewards cardholders spent the least. Average Monthly Purchase Volume Active Accounts; Q Amex Blue Cash $1,011 Amex TrueEarnings $804 BofA Cash Rewards $488 CapOne Cash Rewards $265 Chase Freedom $742 Citi Dividend $696 Discover More $533 $0 $200 $400 $600 $800 $1,000 $1,200 Source: Lightspeed Research Tracking Panel 10
11 Key Metrics: Card Balance Levels Citi Dividend and Chase Freedom cards had the highest monthly ending balance levels among the cash rewards cards over $2,400 on average. BankAmericard Cash Rewards cards and Capital One Cash Rewards cards had the lowest balance levels under $1,500 on average. Average Monthly Ending Balance Amount Active Accounts; Q Amex Blue Cash $2,197 Amex TrueEarnings $1,719 BofA Cash Rewards $1,458 CapOne Cash Rewards $1,443 Chase Freedom $2,404 Citi Dividend $2,459 Discover More $2,299 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Source: Lightspeed Research Tracking Panel 11
12 Key Metrics: Revolvers and Revolving Balances By quite a large margin, Capital One Cash Rewards cardholders are the most likely to revolve a balance on their card. Citi Dividend cardholders are the least likely to revolve, but those who do carry the highest balances. % of Cardholders Revolving a Balance During the Quarter Active Accounts; Q Revolvers Average Monthly Ending Balance Amount Active Accounts; Revolvers Only; Q Amex Blue Cash 36% Amex Blue Cash $3,507 Amex TrueEarnings 28% Amex TrueEarnings $3,444 BofA Cash Rewards 28% BofA Cash Rewards $1,767 CapOne Cash Rewards 62% CapOne Cash Rewards $1,823 Chase Freedom 43% Chase Freedom $3,996 Citi Dividend 20% Citi Dividend $4,514 Discover More 39% Discover More $4,067 0% 10% 20% 30% 40% 50% 60% 70% $0 $1,000 $2,000 $3,000 $4,000 $5,000 Source: Lightspeed Research Tracking Panel 12
13 Key Metrics: Top of Wallet Chase Freedom cardholders are the most likely to have their card in the Top of Wallet position 71% of them use their card more than any other credit card. Top of Wallet Percentage Among cardholders owning each card, the % who use it for the greatest share of purchases; Active Accounts; Q Amex Blue Cash 64% Amex TrueEarnings 6 BofA Cash Rewards 5 CapOne Cash Rewards 52% Chase Freedom 71% Citi Dividend 5 Discover More 64% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: Lightspeed Research Tracking Panel 13
14 Key Metrics: Spend Share by Merchant Category The merchant category profile varies from one cash back card to the next. American Express TrueEarnings cards are extensively used at Dept/Discount Stores, due to their connection with Costco. Breakdown of Spending by Merchant Category Active Accounts; Q Amex Blue Cash 4% 22% 8% 8% 2% 1 41% Amex TrueEarnings 49% 4% 6% 3% 6% 26% BofA Cash Rewards2% 1 13% 14% 46% CapOne Cash Rewards 11% 1 3% 4% 13% 46% Chase Freedom 8% 20% 8% 13% 40% Citi Dividend 10% 16% 4% 13% 4 Discover More 6% 21% 1 41% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Travel Dept/Discount Stores Gasoline Home Improvement Restaurants Grocery All Other Source: Lightspeed Research Tracking Panel 14
15 Demographic Comparison: Risk Score Capital One Cash Rewards cardholders have a unique risk score profile among cash back cards 2 have a risk score of under 600, and the average risk score is 668. Distribution of Cardholders by Risk Score Active Accounts; Q Avg Risk Score Amex Blue Cash 10% 18% 58% 743 Amex TrueEarnings 4% 1 68% 762 BofA Cash Rewards 6% 6% 2 18% 42% 723 CapOne Cash Rewards 2 14% 23% 13% 23% 668 Chase Freedom 3% 6% 10% 19% 61% 752 Citi Dividend 21% 72% 771 Discover More 13% 18% % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% < to < to < to < Source: Lightspeed Research Tracking Panel 15
16 Demographic Comparison: Household Income Owners of American Express TrueEarnings cards each have the highest level of average household income over $80,000 and Capital One Cash Rewards cardholders have the lowest just under $60,000. Distribution of Cardholders by Household Income Active Accounts; Q Avg HH Income Amex Blue Cash 12% 21% 23% 16% 19% 9% $79,038 Amex TrueEarnings 6% 1 26% 23% 20% 8% $83,264 BofA Cash Rewards 23% 14% 14% 31% 11% 6% $66,571 CapOne Cash Rewards 1 26% % 1% $59,819 Chase Freedom 14% 22% 26% 20% 14% $69,328 Citi Dividend 34% 1 12% 22% $76,098 Discover More 1 22% 26% 21% 12% 3% $65,543 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% < $30,000 $30,000 to < $50,000 $50,000 to < $75,000 $75,000 to < $100,000 $100,000 to < $150,000 $150,000 + Source: Lightspeed Research Tracking Panel 16
17 Demographic Comparison: Geographic Region There are also interesting geographic differences between some of the cash back cards, such as American Express TrueEarnings having 44% of its cardholders in the Pacific region (aligning with Costco s Washington State roots). Distribution of Cardholders by Geographic Region Active Accounts; Q Amex Blue Cash 14% 16% 31% 32% Amex TrueEarnings 44% 14% 14% 16% 12% BofA Cash Rewards 18% 9% 8% 32% 32% CapOne Cash Rewards 12% 26% 29% 26% Chase Freedom 1 8% 30% 26% 21% Citi Dividend 1 21% 19% 38% Discover More 12% 6% 30% 30% 22% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Pacific Rocky Mountains Midwest South Northeast Source: Lightspeed Research Tracking Panel 17
18 Thank You! Joel Stanton Senior Analyst Lightspeed Research Learn more about Lightspeed s Financial Services Group at: 18
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