Comscore Uncovers the Impact of COVID-19 on Small Business Credit Card Applications

Comscore Uncovers the Impact of COVID-19 on Small Business Credit Card Applications

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 – 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[1] whitepaper. To learn more about how Comscore can help with insights into the small business credit card landscape, .

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.

Press
Neil Ripley
Comscore, Inc.
(646) 746-0579
press@comscore.com[2]

Coronavirus Insights

Read our ongoing updates on shifting consumption trends and the resulting impact on the advertising and media industries on comscore.com/Coronavirus[3].

Sign up to be notified when new insights or data become available.

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share