Independent Swiss online comparison website moneyland.ch conducted a representative survey to find out which credit cards and prepaid cards Swiss consumers use, and how satisfied they are with their payment cards in 2021. A total of 1503 residents of German-speaking and French-speaking Switzerland between the ages of 18 and 74 years old took part in the survey.
High customer satisfaction during the coronavirus crisis
The survey determined the satisfaction of Swiss consumers with their credit cards and prepaid cards. Participants rated their satisfaction on a scale of 1 (not at all satisfied) to 10 (very satisfied).
The result: “Switzerland’s population remains satisfied with their credit cards during the coronavirus crisis,” concludes moneyland.ch analyst Noé Stemmer. On average, Swiss credit cards receive a customer satisfaction rating of 8.2 out of 10 points – Placing them in the “good” rating bracket.
The criteria overall satisfaction and friendliness of staff received average ratings of 8.2 points. Helpfulness of customer support staff also received an 8.2 rating. Clarity of information provided was rated 8.1, and value for money received a 7.9 out of 10 rating.
The credit card sector is facing major challenges
Swiss consumers currently consider debit cards and credit cards even more important than cash, as a recent moneyland.ch survey shows. “Still, the industry has major challenges to overcome,” observes moneyland.ch CEO Benjamin Manz.
One challenge is the drastic reduction in foreign transaction fees, as Swiss consumers have greatly reduced their international travel during the coronavirus crisis. Foreign transaction fees are a key source of revenue for card issuers.
On the other hand, card issuers are also facing fierce competition from neobanks. These key competitors include foreign financial services providers like Revolut and Wise, which are taking a big bite out of a market previously dominated by Swiss card issuers.
The most popular prepaid cards and credit cards in Switzerland
A high 20 percent of the 1503 residents between the ages of 18 and 74 who participated in the survey hold a Migros Cumulus Mastercard from Cembra Money Bank. That makes it the most widely used credit card in Switzerland.
Around 16% of residents hold a UBS credit card, 16% hold a credit card from a cantonal bank (issued by Viseca), 15% hold a PostFinance credit card, and 11% hold a Raiffeisen credit card (Viseca). The Coop Supercard credit card issued by UBS subsidiary TopCard is held by 8% of residents, while 7% of residents use a card issued by Cornèrcard.
Around 6% of residents now use the Revolut card – up from 4% a year ago.
The survey also shows that 6% of residents do not use credit cards or prepaid cards at all.
The best-rated Swiss payment cards
These credit cards received the highest customer satisfaction ratings: The Migros Cumulus Mastercard from Cembra Money Bank received a weighted average rating of 8.7 out of 10 points. It is followed by credit cards from Bank Cler (8.5 points) and all credit cards from Cembra Money Bank (8.4).
The following cards received an 8.1 rating, which places them in the “excellent” bracket: The Cashback credit cards from Swisscard; the Coop Supercard credit card; all credit cards from Cornèrcard; all credit cards from PostFinance.
Other cards which fell into the “excellent” bracket with ratings between 8 and 10 points are the American Express cards from Swisscard, UBS credit cards, Viseca credit cards, and Migros Bank credit cards.
Of cards issued by neobanks, Neon received the highest customer satisfaction ratings with 8.9 out of 10 points, followed by Revolut (8.4 points), and cards from Swiss Bankers (8.1 points).
All customer satisfaction ratings are clearly shown in the interactive credit card comparison on moneyland.ch.
Regional and age-based differences in customer satisfaction
Residents of French-speaking Switzerland are somewhat less satisfied with their credit cards than German-speaking Swiss. The average customer satisfaction rating for French-speaking Switzerland is 7.9 out of 10 points, compared to 8.3 points in German-speaking Switzerland.
There are also differences between age groups. The average rating given by adults between the ages of 50 and 74 years old is 8.4 points. Adults between the ages of 18 and 25 are less satisfied, with an average customer satisfaction rating of 8 out of 10 points for this age group.
More on this topic:
Compare Swiss prepaid cards now (including customer satisfaction)
Compare Swiss credit cards now (including customer satisfaction)
