Trust in FinTechs Rises as Credit Preferences Evolve

By Milan Rojan

Marqeta has released its 2026 State of Credit Report, based on a survey of 4,000 consumers and 1,000 SMBs across the U.S. and U.K., and the findings pointed to a credit  market that had shifted toward more fragmented, multi-provider behavior.

The report has found that 57% of credit card holders have carried more than one card, while 59% have switched between debit and credit in the past 90 days. Marqeta has said this has not appeared to be driven purely by dissatisfaction with current providers. Instead, consumers have seemed to be assembling credit portfolios because no single provider has fully met all of their needs.

Trust in FinTechs has also continued to rise. The report has shown that 53% of consumers now trust established FinTechs for financial services, while 66% of SMBs have said they are comfortable banking with non-banks. That figure has climbed to 83% among SMBs that have planned to apply for credit within the next 12 months.

One of the clearest takeaways was consumer interest in more flexible payment credentials. Marqeta has found that 48% of consumers aged 18 to 44 have wanted a single card that can toggle between debit, credit and BNPL. Among respondents who already have carried multiple cards, that figure has risen to 71%. Of those interested in such a product, 67% have said it would replace their current debit card and 71% have said it would replace their current credit card.

The report has also highlighted an opportunity in the denied applicant segment. Marqeta has said 63% of denied credit applicants have not been offered an alternative product. Among that group, 60% would have been interested in a product that helps them build credit, while 76% have said they would undergo a credit check to upgrade to revolving credit when their profile improves. Marqeta has framed that as an underdeveloped graduation path for issuers and lenders.

Overall, the findings have suggested that credit providers have faced growing pressure to offer more flexible, more portable and more personalised products. As consumer behavior has continued to shift across debit, credit and BNPL, the report has indicated that the next phase of competition may be shaped less by single-product offerings and more by integrated credit experiences.