Americans Are Falling In Love with Debit Cards.
February 12, 2003
San Francisco, Ca. -- A new Valentine's Day consumer opinion survey released today by Visa U.S.A. reconfirms that more and more consumers are ending their relationships with cash and checks for the convenience, safety and global acceptance of debit cards. Visa U.S.A. also announced a Valentine's Giveaway for consumers who log onto Visa.com and tell their debit love story.
By an almost three to one margin, consumers chose debit cards over checks for their average, everyday purchases. In addition, of the consumers who acknowledged they had a debit card, an overwhelming majority said they were now paying with cash and checks less frequently at the point of sale. Also, recent news reports have stated that the Federal Reserve is processing fewer checks than in the past.
"The survey shows that consumers' love of debit continues to trend upward," said Stacey Pinkerd, Visa U.S.A. Senior Vice President for Debit and Prepaid Products. "More than 90 percent of those people surveyed who have a Visa check card said they were very satisfied with the card. These numbers continue to underscore the benefits and growing popularity of the debit card. The more people use debit, the more they love it."
Pinkerd added, "today's consumers are constantly being faced with difficult financial challenges such as paying bills, budgeting for their needs - and in many cases - that of their families. It is our goal at Visa to ensure that our customers are given payment choices that best fit their needs, from debit to credit, to new products like gift cards."
Highlights of the survey include:
94% of consumers who have a Visa check card are satisfied with the card, this includes 75% who are very satisfied;
30% of consumers said they used their debit card for everyday purchases, while only 13% used checks;
55% of consumers who own a Visa check card are now paying less with cash;
59% of consumers who own a Visa check card are now paying less with checks;
50% of women and 48% of men who use the Visa check card say that it helps "keep them honest" as a tool that better helps them manage their checking account balance.
Source: Visa U.S.A.
Valentine's Day Survey interviewed 1,000 Visa check cardholders in February 2003. The poll's margin of error is plus or minus 3 percent.