In this interview, Sabine Mantoiu, head of customer experience and engagement at Swisscard, discusses the differences between debit cards and credit cards, and looks into the digital future.
Ms. Mantoiu, how important will cash still be in the future?
Sabine Mantoiu: The one thing we do know is that cash is increasingly losing significance. That is why it is so important to carefully learn about useful and secure payment services which are available to consumers, with their individual needs. Often, the advantages of payment cards only become apparent when something does not work the way that it should.
Credit cards seem to have become somewhat less visible in everyday life.
That is correct, but that has more to do with the decline in the conventional use of credit cards to pay at terminals, and the increase in payments made using phones and smart watches. According to the most recent Swiss Payment Monitor, 18 percent of all transactions are already made using mobile payments. Credit cards are often simply linked in the background, and so physical credit cards are no longer as widely used as in previous years.
But the services offered by credit cards have not changed much. Credit cards continue to deliver a range of important advantages compared to other payment methods. These not only include a high level of acceptance, but also better security and payment flexibility, and an attractive bundle of services on the whole. That is even more relevant in an age of e-commerce and online shopping.
Don’t these advantages also apply to the new debit cards?
Credit cards offer more flexibility when paying for goods and services. Purchases can be paid for regardless of your current bank account balance. You have the option of paying off your credit card bill in installments. That is not possible with debit cards.
Acceptance is an even more important difference. Many hotels and credit card companies do not accept other payment methods for bookings, because only credit cards give them the ability to block the required amount, but only actually charge it once the payment becomes due.
Customers who use a two-card bundle from Swisscard – that is, a combination of an American Express card with a Mastercard or Visa card – can rest assured that they can make card payments in as many locations as possible, both in Switzerland and abroad.
Another advantage of credit cards is that they are not just a payment method, but offer a whole range of services.
Can you name a few examples?
Reward programs let credit card users collect points or airline miles when they make purchases. For example, when you use the Cashback credit cards from Swisscard to make purchases in Switzerland or abroad, you get 1 percent cash back with the American Express card, and 0.25 percent with the Mastercard and Visa cards. Debit cards do not have this benefit.
The palette of other possible cardholder benefits is broad, ranging from trip cancellation insurance to purchase protection and insurance for rental cars. But supplemental credit card services go even further than that. They do not stop at the discounts you get from select merchants when using your credit card to pay, but may also include lifestyle and travel services, access to airport lounges, and concierge services.
How secure are credit cards?
When you pay with a credit card, the payment is not directly charged to your bank account. The monthly credit card statements provide a regular overview of your purchases, and you can dispute any incorrect transactions. What is even more important is that you can use mobile apps to keep track of credit card transactions in real time. The app has other security features, like the option of freezing and unfreezing the card directly in the mobile app. Some features, such as push notifications for transactions above certain thresholds, can be personalized,
Chargebacks also contribute to security. If an incorrect charge occurs, the cardholder can dispute the transaction and request reimbursement. Chargebacks are useful if, for example, you do not receive goods ordered online, or the delivered items do not match the items you ordered.
About the company
Swisscard AECS GmbH is a leading credit card company in Switzerland. It is jointly owned by Credit Suisse and American Express. Swisscard is the only Swiss card issuer which offers credit cards from all three of the world’s leading payment networks, namely American Express, Mastercard, and Visa. Swisscard customers can choose from a broad selection of payment solutions. Thanks to a range of product lines, both private and business customers can put together personalized card combinations adapted to their needs. Swisscard services more than 1.5 million credit cards, as well as all American Express acceptance points in Switzerland. Swisscard employs around 600 employees at its offices in Horgen.
Many debit cards from neobanks do not have annual card fees.
That is also the case with so-called free credit cards. Credit cards without an annual fee are an attractive alternative to debit cards and prepaid cards. You benefit from all of the services and security offered by credit cards, and can make use of supplementary services and benefits as needed.
The Cashback bundle, for example, can be extended with optional card balance insurance. This insurance ensures that your credit card bill will always be paid even if you end up in unavoidable financial difficulties. The travel insurance offers travel protection for your whole family, and premiums are paid directly as part of your monthly credit card bills. The insurance coverage applies regardless of whether or not you use your card, so you benefit even if you do not use your card to pay.
Consumers are increasingly making contactless payments with cards or phones. How do you view this trend in Switzerland?
I would go further and say that the trend has become a habit. But you need to keep in mind that mobile payments too are often based on credit cards, with all the features, advantages, and disadvantages that come with them. So it is not the product that is changing so much as the way in which it is being used.
There are figures which back up the undisputed relevance of credit cards. The 2023 release of the Swiss Payment Monitor, a study which is conducted annually by the HSG and ZHAW, concluded that credit cards hold first place among non-mobile payments in terms of payment volume, with a share of 26.9 percent.
To wind up our interview, lets dare to glimpse into the future. Which innovations do you expect to see in the future? Which developments do you personally find particularly interesting?
The whole payments industry has become very innovative in recent years, and that development will carry on into the future. For consumers, the overall experience is increasingly taking center stage. It is no longer just the actual card services that matter, but also how you can apply for a card, which additional services are available in the mobile app, how flexibly the offers can be used, and of course, being able to depend on your card in any situation.
Depending on preferences, cards will be differentiated by the bundled services, and by how these translate into building the customer experience. An important goal for us at Swisscard is offering customers simple, secure, smart, and flexible solutions, and to do that using digital mediums as much as possible. To reach that goal, we are focusing on the best lifestyle and travel benefits, be it high cash back that applies to both local and foreign purchases, a broad selection of insurance benefits or the previously-mentioned optional insurances, and services and experiences for both travel and everyday life.
About the interviewee
Sabine Mantoiu is the head of consumer experience and engagement at Horgen-based Swisscard AECS GmbH. Prior to serving in her current role, she held various positions at Credit Suisse, most recently as its head of business management for products, investments, and marketing. Sabine Mantoiu is a business economist, and holds bachelor and master’s degrees from the University of Basel and the HSG.
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