The Next Big Thing in Credit Cards

1. COVID-19 helped us appreciate Contactless payments way more

COVID-19 Pandemic has been hard on all of us, but when talking about Credit Card Companies, COVID-19 has forced them to make drastic changes in 2020. Although this feature of contactless payment was available in many companies even before Covid, it seemed to be really very useful during the pandemic.

According to a survey, 58% said that they had used contactless payment before Covid, but substantial 79% say that they are more likely to use a contactless payment now.

But this contactless payment can now evolve to something much bigger. For instance, China has been dominant in contactless and ultra-fast payment for quite some time now. Like our Amazon, China’s Alipay is their biggest leader. They are so good at it. Starting from paying at an expensive restaurant, down to paying the smallest street vendor, you can pay using the same method. They mostly use bar codes for safe and secure payment, all they have to do is send a small sticker to any or all of the business which will be accepting the payments. And all that customer has to do is scan the code quickly and send the payment in seconds. You don’t have to have a whole setup to take payments, just stick the bar code sticker anywhere you want.

Now looking at the convenience of this payment method, I think it will soon be implemented in the USA and other European countries.

2. Traveling Cards can be much more than just travel Cards.

COVID made it really very difficult to travel in the past two years. So, what should we do with all the points we collected on our travel cards.

Worry on my ex-fellow passenger, now most of the travel card companies are losing up their rules of how to use their travel cards. Most of these companies are now allowing to use their card point for other purposes like groceries, streaming subscriptions, and restaurants. Although at Fundslord, we are suggesting that everyone must use these perks while they last, since the latter half of 2021 is bringing a lot of good news, Covid Cases are going down & the vaccines are promising. So as people will get comfortable traveling, the Travel Cards companies might start pulling these perks back.

3. If you can’t qualify for a Credit Card, Alternatives Cards can be a way to go.

For those people who are new in the Credit Card industry and are struggling to get Credit Card approved, be it any reason.

The Alternative Card is becoming very popular in that particular demography. Alternative Cards are not that hard to get into or you can say they are very newbie-friendly. On top of that, Alternative Cards are coming with some attractive options.

Some of the best features of Alternative Cards are

1. Newbie Cash Back Rewards

2. No requirement of Hard Credit Pull

3. Different option to extend the Credit Line

4. Premium Credit Cards are here to stick around.

Ever since big fishes like Apple have started to enter the Credit Card industry a lot of this have started to change.

Due to the increased competition, all the existing companies are now trying to give their best to increase the cardholder’s experience.

They are trying to work on their app user interface and the ease in the usability of the Credit Cards online and mobile experience.

But we know one thing for sure, ever since big companies like Apple with their Apple Card and Venmo with their credit card has launched, they sure have made things a lot easier for the consumer. And the amount of application they have received from all over the countries they are available in, we know for sure that they are here to stay.

Do you wanna know more about Credit Cards and Credit Score do read our other blogs about them

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