Top 5 Credit Card Trends in 2014
With the advance of technology, credit card trends in 2014 will start to become noticeably different and we may start to say goodbye to swiping our cards.
So what can we expect in terms of credit card trends for the year 2014?
1. More EMV Chip Cards
The EMV Chip Card is being rolled out and is designed to cut down on fraud. The chip on the card is read instead of the magnetic strip. Whilst these are already being issued in South Africa, not everyone has one.
If the credit card you are using features the old magnetic strip, it is advised that you apply for a replacement chip card from your credit card provider in order to enhance the security of your purchasing experience.
2. Location-specific Retail Advertising Using Your Smartphone
A notable credit card trend in 2014 brings smartphones into the mix. Geo-location technology will be used with your smartphone so that it is able to spot when you are in or near a store and send you promotions based on the location that you are in.
3. Mobile Smartphone Payments
Mobile smartphone apps that allow consumers to check their accounts on the go and pay by scanning their phone at a checkout will start to change how we pay in 2014. This will start to become prominent as consumers are looking for convenience, which could in fact make debit and credit card terminals redundant.
4. Rewards to Encourage Healthier Credit Records
Previously, consumers with excellent credit records were given the most generous credit card rewards like interest-free introductory periods and various creative perks. However, 2014 may see even those with bad credit being rewarded with benefits such as lower interest.
5. Point-Based Credit Card Rewards
There are quite a few reward schemes in place, but the rewards on offer may change in 2014. Current credit card reward schemes may change to become point-based instead of cash-back reward schemes, as reward points are more flexible.
The full extent of these predicted credit cards trends for 2014 is likely to soon be realised in the industry. In light of these changes, consumers should expect to be informed by their credit providers about any changes that take place and how they are able to take advantage of these.