Credit Card Trends for 2022
Dec 22, 2021
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A lot of new credit cards are issued by various banks every year. And many people ask the following questions:
- How to choose a credit card?
- What to look for when choosing?
So, what does it mean to have a good credit card in 2022? Let's figure it out.
The abandonment of traditional cash payments has become very common in recent years. Now, more and more people prefer to use their credit cards to pay, and even without having them physically — virtual payments using a smartphone, Apple Pay, and Google Wallet. Since credit cards have become an integral part of our lives, we began to think more about what card to choose and what benefits to get.
We have long been familiar with such features as annual bonuses, registration gifts, loyalty programs, and special conditions for Gold or Platinum users. What else can banks do to please their customers? Let’s take a closer look at all credit card trends in 2022. Financial experts from Laina Finance have shared with us some very interesting information.
1. Customized Rewards
Banks have been fighting for each client for a long time, offering all kinds of rewards. Surely, you already know about the return of a certain percentage of cash for purchases, points for using the services of the partners of the bank (hotels, restaurants, shops, or airlines).
In 2022, a more personalized approach will appear, because many clients may not be interested in universal offers from the bank. For example, you can get a 10% cashback for every 10th purchase of an electric saw. If you do not use this product, then you will hardly pay attention to this promo.
Firstly, banks will offer you to choose goods (or category/ies of goods), stores (or cafes, restaurants, hotels, and etc.) for receiving cashback. Also, banks will change offers depending on which you use more often and which less often. Sounds tempting, doesn't it?
Secondly, a personalized approach will be actively practiced. This means that banks will begin to analyze person's purchases and offer them niche rewards in precisely those areas and categories that may be most interesting to the clients.
But this system also has its drawbacks: as a rule, the total monthly amount of cashback will be limited by the bank.
2. Buy Now, Pay Later
Have you ever seen the product of your dreams, but you were not ready to spend a large amount of money at once? In 2022, this will no longer be a problem. A huge number of companies and shops began to cooperate with banks and offer installment payment plans. Why is it profitable? In most cases, the purchase amount is divided into a certain number of payments without interest. That means that you will not overpay a single cent in the end.
3. Flexible Credits
If you are a long-term client of this or that bank, it will be much easier for you to get a loan on your credit card with a more favorable repayment system: every month a fixed amount will be debited from your card, but the percentage will be much lower than in the classic lending system from the bank. Moreover, you do not need to provide a large number of documents.
4. Using Tokens to Reduce Fraud
In recent years, the option of ordering a card using a smartphone has become very popular. People do not want to wait long for their cards. This has many advantages:
- you can start using your new credit card faster;
- you get high-quality online service.
The likelihood of fraud becomes much lower. According to the latest data, tokens can reduce fraud at times — you no longer have to enter your PAN when doing online transactions.
5. Creative Segmentation
This is another great innovation: now banks will be able to offer certain cashback, rewards, and bonuses to people from different segments of society. For example, students can receive special discounts on book purchases, representatives will be able to get cashback in related businesses.
Tags: English