Survey from Chase Reveals That Two-Thirds of Consumers Have Forgotten About At Least One Recurring Payment In The Last Year
Today, Chase released the findings from a new study around consumer habits related to recurring payments. The results indicate that consumers increasingly rely on recurring credit card payments, care about knowing where their credit cards are digitally stored, and remain focused on getting a better handle on their finances. Chase credit cardmembers now have new tools to help provide a clearer picture of where their payment information is stored across various online touchpoints.
“We are all leading more digital lives. Spending is changing and people want to be able to go from cart to complete in one click,” said Abeer Bhatia, President of Marketing, Growth and Innovation, at Chase. “We know recurring payments and subscriptions can make life easier. We want our customers to understand how money flows in and out of their account each month, as well as provide the tools to help them better manage their finances and the new world of digital money management.”
Chase credit cardmembers can now log into their account online or via the Chase Mobile app, select a card, and see where they’ve saved credit card information online and in digital wallets. By providing greater transparency and control, cardmembers can manage their finances all 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 across online touchpoints
- Recurring Payment Management—monitor monthly payments and receive notifications if there is an irregular charge
- Credit Card Clarity—see which businesses recently saved payment information and update card details with a quick tap in the Chase Mobile app; this provides an opportunity to review or delete credit card information merchants are retaining
Key survey findings include:
Consumers Need Recurring Payment Awareness and Accessibility
Today, the swipe, dip or tap of a card and the “Add To Cart” button can make spending feel effortless. However, consumers want to be savvier and better understand how recurring purchases impact their monthly balances.
- Sixty percent of respondents have forgotten about at least one recurring payment
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Three-Quarters (
71% ) of respondents estimate they waste more than$50 each 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 an opportunity to add a credit card for future or recurring payments. What was once a couple of clicks, can now be done with one touch. However, these payments may lead to confusion over what cardmembers are actually spending each month.
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Seventy-eight percent of respondents have a minimum of one recurring charge on their cards each month;
40% have between three and five. Cardmembers crave 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 they don’t know how much is taken out each month in the form of recurring payments.
Cardmembers Want More Context
The survey further indicated that consumers want to know where their financial information lives online, including where their credit cards are stored.
- Sixty percent believe that if they know where their card is stored, it will help them have a stronger grasp on their recurring payments and finances
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More than half (
56% ) say recurring payments are a hassle to track down and on average it takes about three months for them to cancel unneeded recurring payments -
Nearly all respondents (
90% ) note that it would be valuable to know where their card is stored at all times. Chase’s digital tools provide a clearer picture of overall finances and a foundational 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 for customers. We will continue to add more innovative features to give customers even more control right within their accounts.”
For more information on the new feature from Chase, please visit: https://www.chase.com/savedaccountmanager.
The survey of more than 2,000 Americans from across the country was conducted by SWNS OnePoll and commissioned by Chase.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of
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