About Rewards Credit Card
A rewards card is a credit card that offers points, miles, or cash back for purchases made with the card or as a bonus for spending a specific amount in a certain amount of time. A rewards card can be obtained by anyone with any credit score, however, the best credit cards with incentives require at least excellent credit. There are a variety of yearly fees associated with rewards cards. Some of the finest rewards cards come with no annual fee, while others cost hundreds of dollars.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The competitive strategy that the credit card companies are pursuing is product differentiation and customer and supplier intimacy. The credit card industry is anchored on continued innovations in marketing and technology, leading to increased competition among credit card companies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Rewards Credit Card market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
American Express Banking Corp. (United States), Visa (United States), MasterCard (United States), Citigroup Inc. (United States), JPMorgan Chase & Co. (United States), Capital One (United States) and Bank of America (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Discover Bank (United States), Synchrony Financial (United States), Barclays US (United States) and BlockFi (United States).
Segmentation Overview
AMA Research has segmented the market of Global Rewards Credit Card market by Type (Travel credit cards, Points rewards cards and Cash back credit cards) and Region.
On the basis of geography, the market of Rewards Credit Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Card Type, the sub-segment i.e. Personal will boost the Rewards Credit Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Credit Score, the sub-segment i.e. Superprime will boost the Rewards Credit Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Swing in credit card spending and offers over the past several and An increasing number of offers that let users choose their own adventure
Market Growth Drivers:
Growing the adoption of the Cashless transactions and Increasing the Credit Card Users
Challenges:
Due to high-interest rest customers could not use credit cards
Restraints:
As travel ended as a result of pandemic restrictions and lockdowns, several issuers, including the most prestigious travel credit cards, shifted their focus from travel incentives to benefits on everyday spending
Opportunities:
Demand For Credit Cards Has Rebounded with an increase in card applications and Alternative methods to build credit are helping people access credit and use cards
Market Leaders and their expansionary development strategies
In December 2023, Citibank partnered with a major airline to offer a co-branded credit card with a low annual fee and attractive benefits for frequent flyers.
In August 2023, Capital One Venture X Rewards Credit Card in the US launched with a generous 75,000-mile welcome bonus and unlimited airport lounge access, appealing to frequent travelers.
Key Target Audience
Reward Credit Card Providers, Banking Companies, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.