Surge in contactless — both card-based and mobile wallets — also helps issuers and servicers. But legacy systems are holding them back.
Credit Card Trends
The latest trends in credit cards, including contactless cards, virtual credit cards, rewards cards, mileage programs, travel points, cash-back loyalty incentives, balance transfer offers, rates/APRs, and other marketing strategies issuers can use to open more credit card accounts.
The latest card and personal loan trends show that even Gen Zers, long averse to credit cards, are upping their usage, thanks to inflation.
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New partnerships, fintech plays, incentives, and an astounding return to direct mail all mark the turmoil in the credit card business.
From COVID-19 to tech giants, consumers' expectations for digital experiences keep ramping up. How should issuers respond?
Contactless cards and digital wallets gain more consumer interest due to COVID-19 fears, but growth should continue as familiarity spreads.
A cashless revolution has been accelerated by the COVID-19 pandemic. How fast and far it spreads will depend on more than just technology.
The shift to digital payments and credit card use prompted by COVID-19, plus better risk controls, can help community institutions stand out.
New data predict an accelerated shift to contactless, P2P and other digital payments as habits shift. But some question COVID's impact.
A rocky road awaits both cardholders and financial institution issuers as critical credit need meets unprecedented economic turmoil.
Underneath the hype are mediocre adoption numbers. But before dismissing mobile wallets, note that some data and other factors point upward.
As payments become commoditized, embedded and faster, monetizing payment data becomes ever more critical for retail financial institutions.
Initially reluctant to promote another card technology, marketers are scrambling as NFC-powered credit cards begin to roll out in force.
The arms race in credit card benefits may be at a stalemate. Some issuers are already de-escalating features, but not cashback rewards.
Giant issuers have scale, but openings exist for community and regional card issuers that use their advantages, like tapping customer data.
Now that Apple Card is in the market, banks and credit unions must ask: Can we match this high-powered offering from Apple and Goldman Sachs?
Completely frictionless payments can become mainstream if financial institutions and their vendors embrace digital identities.
Despite the splash made by high-bonus cards like Chase Sapphire, cash-back offerings from Citi, Amex, BofA and others remain very popular.
To keep this 'mature' payment vehicle relevant to Millennials, banks and credit unions must adjust features and marketing.
What happens when a company like Apple with the world's most faithful customer base decides to become a bank?
New study shows it takes a college degree to decipher most credit card offers. Problem is, the average American reads at an 8th grade level.
Apple and Goldman Sachs have teamed up to offer a credit card in a deal that may foretell future pairings with more ominous consequences.
Feeling the competitive heat, fresh data shows credit card marketers shifting gears with new offers, different rewards and changes to fees.
Financial marketers can grow their credit card portfolio by targeting the right cardholders with onboarding communications and data-informed promotions.