Mobile payments, cards with EMV chips, instant approvals – we’ve seen these trends emerging over the past few years. So, what Credit Card trends can we expect in 2018?
The Credit Card market is heating up. And as consumers, we are the ones who get to reap the benefits as banks battle with each other fiercely. The much-heated competition is giving birth to more choices, great offers and never-seen-before benefits. All this in an effort to attract more consumers. Trust us, this year, your wallet is surely going to be heavier with plastic!
With Credit Cards having gained a great deal of popularity, every year we see new trends and features. In the past, we have seen the emergence of EMV-based cards, proliferation of mobile payments, instant approvals on Credit Card applications, contactless cards and more. So, what trends should we look out for in 2018?
Additional Reading: Unified Payment Interface (UPI): Mobile Payments Now As Easy As An SMS
Paperless Applications & Ease Of Getting A Card
Paperless is trending. More and more financial institutions and marketplaces are adopting mobile-based paperless access to financial products. The paperless revolution will ensure financial inclusion on a large scale, minimise risks like frauds, duplicate KYCs, etc., and reduce operational costs such as manual verifications and document pick-ups. It will also make it easier for consumers to get financial products.
This year, you’ll see many financial institutions opening their doors to the paperless application process, thereby making it more convenient and faster to get a Credit Card or loan than ever before.
Additional Reading: Fascinating Insights From The BankBazaar Paperless Finance Conclave 2017
Psst! We have paperless approvals on select Credit Cards. Check if you’re eligible NOW.
Contactless Will Gain Popularity
Most of us in India believe that no digital payment solution can ever supersede cash. For the majority of us, making cash payments are easy, convenient and faster than other means. No wonder great advancements like contactless technology embedded into Credit Cards are at a standstill in India.
Markets like Australia and the UK have already reported a downtrend in the use of cash in tandem with exceptional growth in contactless transactions. Consumers and merchants in these developed markets agree that contactless payments are more convenient, faster and secure, providing complete satisfaction at the end of the day.
In 2018, we’re hoping to see an upward trend when it comes to mobile payments and contactless payments. And it is going to be our desire for instant gratification that is going to bring about this change.
Additional Reading: Samsung Pay: The Future Of Online Wallets
Credit Card issuers have realised that the key to a large customer base is long-term customer loyalty. In today’s competitive market it isn’t just enough to lure customers to get your product. It is about retaining them and in the process getting them to try out your other products as well.
In 2018, you can expect Credit Card issuers to trim down their complex rewards programmes, offer more incentives and bonuses, pitch their other products like loans at lower interest rates, and enhance customer service etc. for cardholders. In short, it is going to be all about simplifying the end user’s experience so that they stick around for long.
More Benefits With Premium Credit Cards
Premium Credit Cards have never shied away from great offerings such as high reward points and travel credits, premium airport lounge access, discounts at premium restaurants etc. You must be wondering what new premium card issuers are going to try out in 2018 especially since they already offer all these extra benefits to cardholders.
Well, you can expect premium Credit Card issuers to get more creative in 2018. More co-branded offerings, better perks for cardholders and first-class upgrades for travellers are some of the extra benefits that are a possibility this year.
More Focus On Card Aesthetics
More colours, quirky designs, and maybe even a different shape altogether – you can expect Credit Card issuers to play with card aesthetics to pique consumer interest. In developed markets across the West, cardholders seem to show a lot of interest in metal cards and custom cards. It’s possible we may see such trends catching up here too, not to a great extent though.
These are just a few trends that you can look out for this year. There may be many others too. Let’s just wait and watch how the Credit Cards market fares in 2018. Meanwhile, if you’re looking to get your first-ever Credit Card or your fourth one, we’ve got many to offer with great deals accompanying them too.