A new study commissioned by i2c Inc., reveals that while nearly half of U.S. credit cardholders carry three or more cards, the factors that drive earning the top-of-wallet spot are evolving rapidly.
Conducted in collaboration with PYMNTS Intelligence and based on a nationally representative sample of over 2,200 U.S. consumers, “The Credit Economy: Top-of-Wallet Credit Cards” report shows that while rewards and credit flexibility still matter, a new generation of cardholders is shifting expectations. Gen Z and millennials, who rely most heavily on their primary credit cards, are demanding flexible, configurable, and intuitive features that fit their financial behavior in real time.
“This data confirms what we’re seeing in the market: credit products can’t be static. To win top-of-wallet, issuers need to look beyond perks to deliver personalized, dynamic experiences,” said Amir Wain, founder and CEO of i2c Inc. “Consumer expectations are changing rapidly, and for financial institutions and fintechs, providing intuitive and highly configurable credit products are no longer ‘nice to haves.’ They’re a requirement to drive profitable growth.”
Key findings from the report include:
- More cards, more concentration: 46% of cardholders with three or more cards use their primary card multiple times per week, compared to just 35% of those with only one card.
- Primary cards generate more revenue: The average monthly balance on a top-of-wallet card is $1,903, far surpassing second-choice ($1,202) and third-choice ($929) cards.
- Control drives engagement: 48% of Gen Z consumers say they’d use their primary card more if they could choose payment options, such as installments, real-time transfers, or statement payoffs, at checkout.
- Beyond rewards: While nearly half of cardholders say rewards or discounts influenced their decision, nearly 70% cited other features like high credit limits, credit-building tools, and strong customer service as their single most important reason for choosing a primary card.
As top-of-wallet status becomes more closely tied to personalized engagement rather than static perks, the study highlights an opportunity for issuers to differentiate through technology. i2c’s award-winning globally unified platform and configurable banking and payment solutions were intentionally designed for this new reality, enabling issuers to launch highly tailored credit products quickly, respond to user behavior in real time, and deliver best-in-class customer experiences at scale.
Additionally, i2c is set to host a research-based webinar on Monday, June 30, 2025, at 1:00 pm EDT. “The New Credit Playbook: Discover how card issuers can stay top-of-wallet” will uncover:
- What consumers demand from credit and card issuers, and how this is overwhelmingly shaped by age, purpose and product flexibility
- How financial institutions can meet rising expectations and win top-of-wallet status in today’s credit economy
- How issuers can overhaul their outdated “one-size-fits-all” strategies and dominate top-of-wallet across generations
Speakers include:
- Seth Perlman, Global Head of Product – i2c
- John Gaffney, Chief Content Officer – PYMNTS
- Agata Ruta, Chief Operations Officer – Belize Bank
- Gretchen Bartholomew, VP of Operations and Payment Strategy – KEMBA Financial Credit Union
- Sumeet Grover, EVP, Chief Strategic Growth & Digital Officer – UFCU