Barclaycard is Britain’s Most Powerful Credit Card Brand
Released
on: July 7, 2008, 3:36 am
Press
Release Author: Barclaycard
Industry:
Financial
Press
Release Summary: Barclaycard was the most powerful credit card
brand in the UK 2007 according to the latest Issuer Brand Index
Press
Release Body: Barclaycard was the most powerful
credit card brand in the UK in 2007 according to the Issuer
Brand Index (IBI) monitored in Cardbeat,
a syndicated market research tracking study run by the Auriemma
Consulting Group (ACG). This study considers the strength
of the brand to be driven by a combination of card ownership and
usage, perceived brand quality, brand awareness, and general brand
characteristics. The study evaluates the strength of 17 top UK
credit card brands.
Highlights
from the latest study include:
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|
Barclaycard
reported as the most powerful UK credit
card issuer brand beating Capital One
into second spot. Barclaycard's top position
came as a result of having the highest brand awareness and
second highest card usage ratings in our study. Wide card
ownership also contributed to Barclaycard capturing the
number one spot. |
| -
|
Lloyds
TSB’s customers have higher outstanding balances
and use their card more for purchases than any other brand
included in the study. |
| -
|
Marks
and Spencer’s card brand holds the top spot
driven by perceived high quality and general brand characteristics
but languishes at number 11 spot in the research due to
its low card usage and moderate brand awareness. |
| -
|
Egg’s
card brand was at number 3 in terms of general brand characteristics,
just behind the Co-op and Marks & Spencer’s card
brand. |
| -
|
MBNA
and Barclaycard’s card brands are
joint first in card ownership market share but there is
a marked difference in usage and brand awareness. |
| -
|
The
least widely held card brand tracked in the study was issued
by the Post Office |
Matt
Simester, Director at Auriemma Consulting Group commented,
"As the credit crunch continues to dominate the consumer
agenda, a powerful brand is critical to maintaining high quality
recruitment and retention. While consumers with a poor credit
history will find it hard to move issuer, those with stronger
credit histories will demand better quality propositions from
their current provider. Pressure to reduce costs of servicing,
higher average APRs and lower investment into marketing may also
impact perceived brand quality this year. I anticipate that there
will be a different set of winners and losers at the end of 2008."
About
Barclaycard
Barclaycard is a multi-brand credit
card and loans business which also processes card payments
for retailers and merchants and issues charge and credit
cards to corporate customers and the UK Government. It is
one of Europe's leading credit card businesses and has an increasing
presence in the United States.
In
the UK, Barclaycard comprises Barclaycard,
Sky Card, Thomas Cook and Argos
branded credit cards and FIRSTPLUS secured lending.
Barclaycard also manages card operations on behalf
of Solution Personal Finance.
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Issuer
Brand Index Methodology
The Issuer Brand Index is designed to capture
brand strength of top UK card issuers in 4 separate categories:
Card Usage - Captures share of usage in terms
of spending volume and reported outstanding balances
Brand Awareness - Represents familiarity with
the issuer’s brand name
Quality - The perceived quality of the product
and customer service provided
Brand Characteristics - perceptions of the brand
by both existing customers and non-owners
Web
Site: http://www.barclaycard.co.uk/
Contact
Details: Barclaycard PR contact:
Andrew Bond
Barclaycard Press Office
Barclaycard
1234 Pavilion Drive
Northampton
NN4 7SG
01604 251229
2025
