Based on a national US sample of 1,009 online consumer survey panel survey responses focused on payment topics completed during May 2010, the report outlines consumer patterns of debit card ownership, usage, preferences for PIN versus signature transactions, awareness of overdraft reform legislation, participation in alternative and decoupled debit programs, and participation in debit card rewards programs.
Key items in the report include:
- This 2010 consumer survey documents a sort of high-water mark for consumer debit programs, as the Durbin Amendment to the Dodd-Frank Act begins to re-write program economics for debit issuers, and pricing changes begin to affect consumers and merchants.
- At the same time general purpose credit card ownership by households dropped, debit cards became the most widely held type of payment card.
- Cardholders are almost evenly split in their preference for PIN transactions, signature transactions, and no preference." But when requested by the merchant, a majority say they comply with a request to enter their PIN.
- Private label (decoupled) debit programs sponsored by retailers have gained just a small foothold among debit cardholders.
- Debit reward program participation is not dominant among cardholders, and a minority of participants have ever redeemed rewards.