Chase survey finds two-thirds of consumers forgot at least one recurring payment in the past year
WILMINGTON, Delinquency – (BUSINESS WIRE) – Today, Chase released the results of a new study on spending habits with recurring payments. The results indicate that consumers increasingly rely on recurring credit card payments, care about where their credit cards are stored digitally, and remain focused on better managing their finances. Chase credit card holders now have new tools to help provide a clearer picture of where their payment information is stored across various online touchpoints.
“We all lead more digital lives. Spending is changing and people want to be able to go from shopping cart to finishing with one click, ”said Abeer Bhatia, president of marketing, growth and innovation at Chase. “We know that recurring payments and subscriptions can make your life easier. We want our clients to understand how money flows in and out of their account each month, as well as tools to help them better manage their finances and the new world of digital money management. ”
Chase credit card holders can now log into their account online or through the Chase Mobile app, select a card and see where they’ve got it. registered credit card information online and in digital portfolios. By providing more transparency and control, cardholders can manage their finances in one place.
- Credit card control: Track where credit card information has been used online for payments and where merchants are storing it for future transactions
- A clear picture: View and manage where credit card information is stored on online touchpoints
- Management of recurring payments—Monitor monthly payments and receive notifications of irregular charges
- Credit card clarity– see which companies have recently saved payment information and update card details with a single tap in the Chase Mobile app; this provides the ability to review or delete credit card information that merchants keep
The main findings of the survey include:
Consumers need knowledge and accessibility of recurring payments
Today, swiping, dipping or touching a card and the “add to cart” button can get you spending effortlessly. However, consumers want to be more savvy and better understand the impact of recurring purchases on their monthly balances.
- Sixty percent of respondents forgot at least one recurring payment
- Three-quarters (71%) of respondents believe they are wasting more than $ 50 per month, which can impact monthly balances and support expenses that are simply no longer needed
Recurring payments are here to stay
Almost every online purchase offers the option of adding a credit card for future or recurring payments. What was once just a few clicks can now be done with one touch. However, these payments can be confusing about what cardholders actually spend each month.
- Seventy-eight percent of respondents have at least one recurring charge on their card each month; 40% have between three and five. Cardholders look for simplicity and frictionless payment options when given the choice.
- Almost 70% of consumers note that recurring payments can make it easier to manage and track their money. Conversely, 55% of respondents admit not knowing how much is taken each month in the form of recurring payments.
Cardholders want more context
The survey further indicated that consumers want to know where their financial information is located online, including where their credit cards are stored.
- Sixty percent think that knowing where their card is stored will help them better understand their recurring payments and finances.
- More than half (56%) say recurring payments are a problem to track and that on average it takes them about three months to cancel unnecessary recurring payments.
- Almost all respondents (90%) note that it would be useful to know at all times where their card is stored. Chase’s digital tools provide a clearer picture of overall finances and a fundamental understanding of the short- and long-term impact of recurring payments.
Bhatia adds, “With this increased transparency, our goal is to provide another layer of visibility and peace of mind to customers. We will continue to add more innovative features to give customers even more control directly in their accounts. ”
For more information on the new Chase feature, please visit: https://www.chase.com/savedaccountmanager.
The survey of more than 2,000 Americans nationwide was conducted by SWNS OnePoll and commissioned by Chase.
Chase is the U.S. consumer and business banking company of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $ 3.4 trillion in assets and operations worldwide whole. Chase serves more than 60 million U.S. households with a wide range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and credit processing. payments. Customers can choose how and where they want to bank: over 4,700 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, visit chase.com.