US: Michaels launches branded credit card - But how do current customers make their payments?
Arts and crafts supply retailer, Michaels, is introducing a private-label credit card for its shoppers. The card offers customers 20% off on their first credit card purchase, 9% in rewards points on purchases, free shipping and special financing opportunities, amongst other benefits. Soft-launched in January 2023, the card can be used at the retailer’s stores and on its website.
Which types of payment methods do Michaels’ customers currently prefer to complete their purchases?
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - 58% of Michaels’ shoppers prefer paying in cash when shopping in stores.
Michaels’ customers are more likely than the general US population to make in-store purchases using credit cards. Nearly half (49%) of Michael’s customers and 35% of the general US population prefer making credit card payments (using chip) for in-store purchases.
Further, 28% Michaels customers swipe their credit cards and 19% make contactless credit card payments when shopping in store.
As for debit cards, 51% of Michaels’ customers prefer debit cards (using chip), 35% swipe their debit cards and 15% opt for contactless debit card payments, when making in-store payments.
Credit cards are a clear favourite amongst Michaels’ shoppers, as far as purchasing online goes. Most (72%) of the retailer’s shoppers make a purchase online using credit cards. Debit cards rank second with 56% of Michaels’ customers using this method to pay for online purchases.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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