SAN FRANCISCO, Aug. 29, 2024 (GLOBE NEWSWIRE) — Javelin Strategy & Research today released its inaugural 2024 General-Purpose Reloadable (GPR) Card Program Scorecard, a consumer-based look at the competitive reloadable open-loop card market. Of the 10 major GPR card programs evaluated, Serve Cash Back Card earned Best in Class distinction.
Cards in this market represented a total load value of $234 billion in 2023 and continue to grow at a compounded rate of 7%. Javelin’s scorecard measured 51 criteria across three categories: Ongoing Experience, Costs, and Additional Benefits & Features. The analysis revealed the features most desired by consumers—costs, card security and card access—and evaluated programs on their ability to meet these expectations.
Serve topped the list for its well-balanced features and consumer-centric approach. While not the top performer in any single category, its consistent top-three rankings across all categories secured its overall victory. The Target Circle Card ranked second overall, excelling in Ongoing Experience which offset a lower ranking in Additional Benefits & Features. The PayPal Prepaid Card, like Serve, maintained strong rankings across all categories, aligning well with consumer preferences.
“These cards serve as an important entry point for consumers who are shut out of traditional credit and debit card programs and also serve as a source of additional account access for those looking to budget their regular spending,” said Jordan Hirschfield, director of prepaid payments at Javelin.
Hirschfield commends the quality of the competition and notes that not all consumers are looking for the same thing in a GPR card. “The strength of the Serve card to rank in the top three of each category does not diminish from the plethora of options available at the top,” he added. “There are various options for consumers who may weigh one factor more highly than another.”
He also shared that the consumer priorities of cost, security and access also link closely to why consumers stop using GPR cards, especially if consumers think the cards are inconvenient to reload or the fees are too high.
For more information about the 2024 General-Purpose Reloadable (GPR) Card Scorecard, please visit javelinstrategy.com.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. Learn more at javelinstrategy.com.
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