These Are The Five Biggest Credit Card Trends To Watch Out For In 2019
Owing to a comparatively healthy economy in 2018 and a competitive mood between consumers, top banks have come up with brand new products with a lot of alluring incentives, and credit card owners have been rewarded in a huge way. Keeping the current rates in mind, a household needs to shell out over $1,100 as interest charges in a single financial year. Credit card experts are of the opinion that 2019 might be a rewarding period for credit card users. The following are five credit card trends you can look forward to in 2019.
Ample Dining And Entertainment Rewards
2018 saw Wells Fargo launching the Wells Fargo Propel American Express Card. You will be rewarded with triple points on things such as ordering in, dining out, and streaming and transmitting services. There are several non-bonus categories as well, where you can earn one point per dollar. In 2018, the Capital One Savor Cash Rewards Credit Card furnished several additional rewards for users as far as dining and entertainment are concerned. Aside from that, bonus points were also rewarded. As long as the economy grows in strength, credit card users can surely expect a few more issuers join the bandwagon.
Co-Branded Credit Cards Is Expected To Be On The Rise
In case your favorite brand doesn’t possess its own co-branded credit card, you can expect it to have one before 2019 ends. The previous year witnessed retailers such as Ikea and Starbucks furnishing co-branded credit cards. Aside from encouraging bigger shopping loyalty, such cards can prove to be quite alluring for the merchant. Recently, store cards have accentuated the quality of their offerings, making daily spending a lot easier. With that being said, consumers should be well aware of the fees and ever-climbing interest rates that are linked with a number of store-branded cards.
More Credit Card Expenses
Nowadays, many merchants don’t prefer cash as a mode of payment. This implies that consumers would be more inclined towards using their credit cards as a substitute. A number of businesses, such as restaurants that remain open to lunch crowds, prefer going cashless since it saves a lot of time as well money. The plus side of going cashless is that they don’t require to count cash daily and everyday transactions get registered smoothly and efficiently. This year, you might witness more merchants forgoing cash to usher in plastic. Well, it’s kind of bad news for credit card users who are not eligible for rewards or for individuals who believe that cash works best as far as their budgeting is concerned. For consumers who are eagerly waiting for rewards, it’s going to be a great time.
Increase In Contactless Options
Making a payment without swiping or inserting your credit card might be something that can only be imagined. However, there has been an increase in the number of consumers who are making use of contactless cards, and chances are that the number will be on the rise this year. A number of credit card issuers are thinking of adding the option of contactless payments on their Visa credit and debit cards by the end of 2019. For consumers who prefer a speedy and convenient payment method, this is going to be a really interesting time for sure.
Higher Interest Rates
If you are drowning in credit card debt, sketch out a plan to pay off the amount as soon as you can this year. In all probability, interest rates will creep higher in 2019. That means debt would prove to be quite costly to carry as 2019 rolls on. If you are highly concerned about your debt, concentrate more on paying off the balance amount rather than running after the highly alluring rewards that your card offers. A credit card which has a 0% introductory APR can help you to pay off the debt amount without augmenting your additional interest if you pay the amount before the introductory period is over.
For the time being, consumers can enjoy ample credit card rewards as long as they can keep a safe distance from high-interest debt. You can also get hold of several benefits in auto rental coverage, purchase protection, and extended product warranty. The bottom line is, if you want to be rewarded, all you need to do is pay off your debt.
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