This report provides comprehensive and current information and analysis of the Credit Card Benefits market including Credit Card Benefits market size, anticipated market forecast, relevant market segmentation, and industry trends for the Credit Card Benefits market in the US.
As credit card issuers seek to attract a consumer base that is increasingly skeptical of debt-based products, providing cardholders with the most relevant and valuable suite of benefits possible is essential. Striking a balance between utility and security may be the key to providing maximum value; while consumers use credits to partner brands more frequently than they use protection-based benefits, they still think security and insurance benefits are the most important to have.
Inflation is causing a growing level of concern about rising credit card balances, with consumers beginning to prefer debit payments in order to avoid the stress of credit card debt. Although delinquency rates remain low, interest rate hikes are intensifying the penalty of carrying balances, and credit cards will need to lean on their benefits to ward off rival payment methods.
Despite these threats to the market, recent innovation in the benefits space has enhanced the applicability of credit cards beyond a simple transactional product. Cell phone protection has quickly become one of the most used benefits by young cardholders, and lifestyle credits – such as rewards and credits on streaming services, food delivery, and rideshare services – have expanded the horizons of what a premium card can bring to the table. Young cardholders are particularly likely to consider benefits as the principal driver to upgrade their card; the ability to provide consistent value aside from sheer earn rates can differentiate credit cards as a well-rounded financial tool.
Read on to discover more about the Credit Card Benefits consumer market, read our Payment Preferences – US – 2021, or take a look at our other Financial Services research reports.
Brands include: Chime, American Express, Capital One, Discover, American Express, DoorDash, GrubHub, Hello Fresh.
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis on credit card benefits market industry trends, to highlight current trends and add expert context to the numbers.
Although credit card rewards often hold the prime real estate of top billing in acquisition marketing, the past couple of years have seen a great deal of innovation in the benefits space, where lifestyle perks are bringing new sources of everyday utility to card products. This influx of credit-based benefits has seen rapid adoption by younger cardholders, whose acute interest in benefit offerings is driving competition in the premium space. However, despite the introduction of partnership credits across multiple categories, cardholders still demand security protections as the most essential benefits that cards can provide. As economic factors augment the hesitance that consumers hold toward credit card debt, maximizing the utility and relevance of benefit structures will be crucial for the credit card industry to remain atop the hierarchy of payment types.
Patrick Rahlfs
Senior Research Analyst
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