What Credit Card Holders Should Expect From 2020

What Credit Card Holders Should Expect From 2020Many people are still afraid of credit cards. They think that these little monsters were created to control our lives but in reality, everything is different. With responsible managing, credit card technologies ensure better protection for using a credit card in an online casino or when making purchases online.

Credit cards may also help holders increase credit scores but only when used responsibly – paying off the balance every month and charging only when the spend can be afforded. Today we will tell you what the world of credit cards will bring us in 2020.

Benefits of using a credit card

Before we tell you about this year’s trends, let us first introduce to the benefits of responsible usage of credit cards:

  • Increasing the credit score. If you pay the card off each month and have a positive balance, a credit card may significantly improve the credit score. That is one of the reasons why parents often add their children as an authorized user;
  • Introductory interest rate cards can fund large purchases and down debts;
  • Cashback and travel rewards. Using a credit card may earn rewards that are not available when using a debit card. They include cashback, award flights, and other beneficial features.

News from the world of credit cards

If you have several credit cards and ponder whether to open another one, you may ask yourself what number is actually enough. While there isn’t a clear answer, the 2019 Experian Consumer Credit Review discovered that the average American has four credit cards. When managing multiple cards you can maximize your statement credits, rewards, and interest-fee financing.

Here is a list of the best credit card for subscription services:

  • Capital One Savor Cash Rewards Credit Card;
  • Chase Sapphire Reserve;
  • Amazon Prime Rewards Visa Signature Card;
  • Wells Fargo Propel American Express Card;
  • Blue Cash Preferred Card from American Express

Another news that you should know about is that Visa Inc has announced that it plans to purchase the Plaid financial technology for $5,3 billion. Plaid, a company that has been valued $2,65 in late 2018, allows users to connect their accounts with new platforms like Acorns, Mint, Betterment, and PayPalHolding. It is obvious that Visa is trying to move from being solely focused on payments and concentrate on the movement of funds instead.

However, the Mastercard CEO, Ajay Banga, still believes that cash and checks are out of competition and over 85% of all transactions are still in cash. But still, Mastercard is doing its best to keep up with the generation. At the moment over a quarter of the revenues are obtained from such services as cybercrime consulting. And even though the banks let go of 2% of their Mastercard ownership, the company’s independent foundation has $34 billion of assets and is focused on the workplaces in Africa.

 Credit cards for gamblers

Gambling occupies leading positions on the entertainment market and it’s not surprising that so many companies are considering this niche their source of income. However, we have bad news: starting from April 14, users won’t be able to use credit cards for placing bets. This is one of the measures to fight problem gambling according to the Gambling Commission. Governments of several countries have also supported this idea because it is stated that only in Britain 24 million adults gamble (with 10,5 million enjoying the game online).

Data of the separate commission research revealed that 22% of gamblers that use credit cards are considered problem gamblers. Market giants like  PokerStars, Bet365, 888, and Betfair still use credit cards as a payment option but activists claim that this significantly increases the risk of getting into huge debts. Solving this problem will be one of the latest moves towards protecting vulnerable customers from exploitation. 

The future of credit cards

The world of technologies is developing at a breakneck speed and every year or even month new features emerge. As you see, holding a credit card in 2020 will be much simpler and you may expect multiple perks and features. Follow our updates to stay aware of the latest news and launches.


South Florida Caribbean News

The Team provides news and information for the Caribbean-American community in South Florida and beyond.

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