Chase poll finds two-thirds of consumers forgot at least one recurring payment in the past year


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Chase credit cardholders now have a tool to help them manage where their cards are stored digitally with increased visibility into recurring spending

WILMINGTON, Del – (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 move from cart to cart with the click of a button, ”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 comes in and out of their account each month, and to provide them with the 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 wallets. By providing increased 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 in case of irregular debit
  • Credit card clarity– see which companies have recently saved payment information and update card details with a quick tap on 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 awareness and accessibility of recurring payments

Today, the swipe, dip or touch of a card and the “add to cart” button can make spending effortless. However, consumers want to be more informed 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 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 the option of adding a credit card for future or recurring payments. What was once a few clicks can now be done with just one touch. However, these payments can be confusing as to 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 those questioned admit not knowing how much is withdrawn 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 that recurring payments are difficult to locate and that it takes them on average about three months to cancel unnecessary recurring payments.

  • Almost all respondents (90%) note that it would be helpful to know where their card is stored at all times. 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.

About Chase

Chase is the commercial and consumer banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services company with $ 3.4 trillion in assets and operations worldwide. 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 processing. payments. Customers can choose how and where they want to bank: More than 4,700 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, visit hunt.com.

Ashley dodd

[email protected]

Source: JPMorgan Chase & Co.

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