|
Comscore Uncovers the Impact of COVID-19 on Small Business Credit Card Applications
Friday, September 25, 2020
Year-over-year small business credit card application volume shrunk 41% in Q2 2020, but increased search activity signals renewed hope for the second half of 2020
RESTON, Va., Sept. 17, 2020 /PRNewswire/ -- New research from Comscore (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, found indications that interest from small businesses in small business credit cards may be rebounding after a loss in momentum in the first half of 2020.
Using insights from the Comscore Small Business Credit Card Benchmarker, which leverages panel data to produce granular and actionable insights to understand emerging trends in the industry landscape, Comscore's "The COVID-19 Impact on Small Business Credit Card Applications in 2020" whitepaper examines how small business credit card application and research cycles have trended before and during the COVID-19 era and what changing consumer behaviors and potential future trends mean for small business credit card issuers.
Key findings include:
-- After growth throughout 2019, small business credit card shopping began
to decline in Q1 2020 as the COVID-19 pandemic took hold and small
businesses focused on relief through small business loans.
-- Submitted small business credit card applications declined during the
peak of the pandemic. Q1 2020 saw a 6% year-over-year decline in
submitted applications and Q2 saw a 41% year-over-year decline.
-- Small business credit card issuers pulled back on paid marketing tactics
such as affiliate sites and paid search in Q2 2020. Affiliate sites
accounted for 8% of referred applications in Q2 2020, down from 15-20%
from the prior year; paid search accounted for 7% of referrals in Q2
2020, down from 55% in the prior quarter. The decrease in marketing,
however, did not correlate with a decrease in overall search activity:
search referred applications experienced a slight uptick to 26% of total
submissions compared to only 22% of submissions in Q1 2020.
-- Searches for small business loans outpaced searches for small business
credit cards in March and April of 2020 as COVID-19 relief and support
were top priorities. Starting in June 2020, however, searches for small
business credit cards began to increase slightly, signaling small
businesses' renewed interest going into the second half of the year.
To read the full findings of this research, download the "The COVID-19 Impact on Small Business Credit Card Applications in 2020" whitepaper. To learn more about how Comscore can help with insights into the small business credit card landscape, please contact us.
About Comscore
Comscore (NASDAQ: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry's emerging, third-party source for reliable and comprehensive cross-platform measurement. To learn more, visit www.comscore.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/comscore-uncovers-the-impact-of-covid-19-on-small-business-credit-card-applications-301132938.html
SOURCE Comscore
|
|
|
|
|
|
 |
The New Identity Theft Crisis: AI Scams, Child Victims, and Credit Damage Are All Spiking | Jan 22, 2026
|
|
AllSci Launches Hypothesis Publishing: A Seamless Way to Share, Connect, and Advance Scientific Ideas | Jan 22, 2026
|
|
Canadian Fintech Tuhk Inc., Founded by Ethoca and NuData Security Veterans, Raises US$6 Million Seed Round Led by FINTOP, with Lloyds Banking Group and Capital One Ventures | Jan 22, 2026
|
|
Darwin CX Caps a Banner Year with AI Launch, Sold-Out Events, and Industry Book Launch | Jan 22, 2026
|
|
Fintech Startup BON Credit Secures $3.5 Million In Funding | Jan 22, 2026
|
|
PayDo Launches Unified Payment Infrastructure Suite for Digital Businesses | Jan 22, 2026
|
|
Nudge Security Unveils Industry's Most Comprehensive AI Security Governance Platform | Jan 22, 2026
|
|
IoTeX Publishes MiCA-Compliant Whitepaper for IOTX, Enabling EU-Wide Alignment Under the New Regulatory Framework | Jan 22, 2026
|
|
Gametime Launches "12 Days of Gametime" Holiday Giveaway in Partnership with Barstool Sports | Jan 22, 2026
|
|
TSX Venture Exchange Market Data Now Available Across Over 40 Blockchains via Chainlink | Jan 22, 2026
|
|
|
|
