Credit Card Market Outlook Revealed

ROCKVILLE Md., January 20, 2023 – According to Packaged Facts new 2023 Credit Card Market Outlook, credit cards are on a roll in the U.S., on the strength of record adoption rates, usage frequency, and payment value, as well as co-branded card resilience. And credit cards are gaining ground on debit cards in the bargain—even benefiting most from the pandemic-driven migration from cash.

The credit card industry may have rewards to thank—rewards cards generate 90% of general-purpose card spend, led by cash back cards. “Cash-back credit cards account for one-third of general-purpose card spending,” according to Megan Pickette, Vice President, Publishing Content/Administration at MarketResearch.com.

But a host of challenges await, including surging revolving balances and the prospect of recession; buy now, pay later competition; and regulatory scrutiny of key revenue streams. And as mobile wallets proliferate, credit cards are being left out: Only 16% of mobile wallet transactions are funded with credit cards.

About Packaged Facts  

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

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SOURCE Packaged Facts

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