5 Credit Card Trends to follow in 2019

Credit cards have become quite popular as people have become more and more dependent on cashless transactions than ever before. With every passing year, the number of credit card subscribers has grown, and 2019 is no different. An increasing number of individuals have subscribed to credit cards in 2019 and the numbers are expected to grow further. Even credit card companies are offering newer and developed cards. As a result, the credit card application has undergone quite a makeover in the past few years. Here are the 5 most popular credit card trends in 2019 which you should follow this year –

Credit Card

1. Contactless payments

New contactless technology is becoming very popular, wherein credit cards are being used to make payments without being inserted into machines. The contactless payment technique involves waving the card over the terminal and the payment being done. This type of payment technique is available for transactions of up to Rs. 2,000. So, this new technique revolutionizes the way payments are being done using the card and makes the payments quicker and also secure since the card is not required to be entered into the terminal.

2. Better rewards program

Credit card issuers are also coming up with new and enhanced credit card reward programs that promise additional benefits to cardholders. Better discounts, higher reward points, enhanced privileges, etc. are being promised on the new cards. Moreover, the joining and annual fees on the cards are also being lowered substantially so that prospective cardholders can be lured to subscribe to the card.

3. Co-branded credit cards

Co-branded credit cards have also become the latest trend as banks and non-banking financial companies are tying up with popular merchants and other financial institutions to offer co-branded credit cards. The benefit of these credit cards is that you can avail higher and better benefits when transacting at those merchant outlets which are partnered with the credit card issuer. Moreover, with co-branded credit cards, cardholders get more credit card options and they can choose cards as per their spending preferences.

4. Higher credit card limits

Another trend that has become popular in 2019 is the increase in credit limits allowed under credit cards. Many credit card issuers have increased the credit limits on their credit cards for their cardholders. This gives cardholders better flexibility in doing high-value transactions. Moreover, higher credit limits also help bring down the credit utilization ratio and improve your credit score.

5. Increased interest rates

Many credit cards have increased the interest rate if you default on the payments of your outstanding dues. This has been done to reduce the debt burden on credit card issuers and to motivate cardholders to pay their credit card bills in time. So, check your credit card’s updated interest rate for any changes and avoid defaulting on your credit card bills.

So, these are some of the most popular credit card trends of 2019, which you should know so that you can utilise the maximum potential of the card.

Comments are closed