Predicting the Future of Credit Cards – Hot Trends to Watch For
With so much going on in the world of credit cards these days, it can be difficult to keep up with all the latest trends and events. As technology becomes a greater and greater influence in our daily lives, it can be assumed that the same effects will be felt on how we interact with our credit cards and as such, how we shop. Industry analysts have been outlining what may occur over the next few years so that both consumers and card companies can make preparations accordingly. If you have been curious as to what the next big trends in the world of credit cards will be, then continue reading to find out what to expect.
Mobile Trends
With a variety of credit card companies developing mobile apps to help their customers’ access payment history and other features, it is only a matter of time before location and data is compiled into a streamlined interface that assists customers with purchases. One trend that is expected is the analysis of purchase history coupled with geography to provide consumers with select deals in their area while out shopping. The concept of spending alerts is another trend that is expected to be fully integrated into mobile technology in the coming years.
Data Trends
Card companies have a plethora of data from their consumers at their disposal – they know your credit score, how much you make on average, where you shop and what you purchase. As this data is put to use in the coming years, programs will be phased in that allow consumers to redeem rewards and bonuses for shopping continuously with select merchants that have partnerships with various card companies. Many have compared this idea to rewards programs that exist at local supermarkets and retailers; instead of relying on each store, however, card companies will keep track of your purchases and apply your bonuses accordingly.
Card Trends
Several trends pertaining to credit cards themselves are expected over the next few years. Adoption of chip and pin cards in the US is one major development that will occur, while offering more direct prepaid solutions to current non-account holders is another way that card companies are seeking to expand their influence as tough economic times have led to fewer and fewer people applying for credit and debit cards.
