What do consumers expect from modern credit cards


A credit card is a convenient means of payment that gives the user complete freedom to make purchases. You can pay for goods and services with it at any time within the allocated limit, and you can pay back the day for it later. The demand for credit cards went up again after the global pandemic began, but the expectations of today’s users for this product have changed slightly. What is the appeal of a credit card now? We will try to find out in this article.

General benefits of credit cards

When surveyed, credit card users mostly cite the same benefits of this payment instrument:

  1. Availability of a grace period. It is a period during which the user can pay no interest on using the credit limit. If he fully repays the amount taken before the expiration of the specified period, then except for this amount, he can avoid paying anything back to the card issuer. The grace period can last from 50 to 200 days.
  2. Resumption of the credit line. If the user complies with the credit conditions and repays the loan on time, the credit limit is constantly renewed until the user decides to close the card.
  3. Universal means of payment. You can use your credit card to pay for goods and services at physical retail outlets and online. You can use it in any part of the world and for any purpose.
  4. Additional rewards. You can often earn extra bonuses for using your credit card or participate in extra promotions or contests. Some merchants offer cashback and discounts on their subsequent purchases to encourage purchases.

Like any bank card, a credit card is a more secure payment than cash. It’s easier to store, transport, and hide from a miscreant. If you make a large purchase, you don’t need to carry a large wad of cash, just a thin plastic card.

Since traditional banks do not issue credit cards to everyone but only to customers with a good reputation, the presence of such a means of payment uniquely enhances and, at the same time, emphasizes its owner’s high status.

Despite many advantages, credit card holders say there are some disadvantages. And you should be prepared for their presence. The main disadvantage is that you have to pay a fee when withdrawing cash from an ATM with a credit card and when carrying out some operations. In addition, not all retail outlets and services accept credit card payments.

To enjoy using a credit card, you should understand that there are borrowed funds on the card. This money should be returned with the specified interest. Within the specified terms, the credit limit will be renewed, and there will be an opportunity to realize new ideas and dreams.

New trends

In the past, payment card users trusted only traditional banks, but as recent user surveys show, this trend has changed. More than 60% of respondents want a credit card issued by a non-traditional European credit card issuer. Such companies who are issuing credit cards are much easier and faster to work with. They do not require a large package of documents and are more loyal to the credit card holder than traditional banks.

In addition to comfortable cooperation with the issuer, modern credit card users appreciate the quality and variety of their services. To compete in the credit market, the issuer should provide additional rewards for using the card apart from the primary function in the form of a revolving credit limit.

There is a growing demand among the younger generation of credit card users for analytical tools to help them build their credit history and to be able to receive constant information about their expenses. They need to be notified of their card status and transactions. It helps them make smarter decisions about using it and budgeting wisely.

Consumer expectations of credit cards are constantly changing. Today’s issuers understand this, so they use innovative software to run their card programs. These are multifunctional platforms that easily adapt to new user needs and are quickly updated and supplemented with new features to offer cardholders a higher quality of service, exciting products, and services.


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