The Credit Card Market in 2020, was estimated to grow at $100.05 billion, and during the year 2021 market grow to $103.06 billion at a Compound Annual Growth Rate (CAGR) of 3%. During the year 2025, the credit card market is expected to reach $107.69 billion at a CAGR of 1.1%.
A Credit Card is metal card provided by the financial organizations, from which individual can borrow funds from a pre-approved limits to pay for the purchases. Based on the credit history and score the limit is decided by the organization issuing the card. Mainly the reason for higher limit is better credit history and higher credit score.
The individual can make use of card to make bill payments and online transactions. As you apply for a credit card and get card in your hand, make sure that amount borrowed should be payback to the organization within the given time period in order to avoid penalty charges. As the information given to the card issuer is safe.
Where interest charges are the main source of revenue of the credit card companies. When card holder unable to pay bills of credit card at the month end, then the bank is authorized to charge interest on the amount borrowed.
The growth of the market is also depending on the companies remodifying their work operations to overcome the covid-19 impact, that has previously led to restrictive measures like, remote working, social distancing, and ban on commercial activities which indirectly involved in the growth of the market.
The Global Credit Card Market is sub-divided by Type, by Card Type, by Service Provider, Region and by Countries. Now a days credit card has a demand and is used in emergency. The increasing innovation in technology is the trend popular in the credit card market.
With the rising requirement for credit card the growth of the credit card market is also increasing in the forecast period. Hence the rise in demand for the customer credit card along with the benefits offered by the credit card motivate people to buy credit card.
According to an India based credit intelligence company, TransUnion CIBIL limited, the number of accounts and credit card debts increased by 40.7% and 29.8% approximately with 44.5 million cards revolving in 2019. Therefore, the increasing demand for credit card drives the growth of the credit card market.
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The Global Credit Card Market segmented- by Types
Credit Builder Card
Reward Card
Travel Credit Card
Balance Transfer Card
Others
Global Credit Card Market segmented- by Card Types
Signature
Base
Platinum
Global Credit Card Market segmented- by Service
Provider
RuPay
Visa
Mastercard
Regions covered in the Global Credit Card Market-
Asia-Pacific
Eastern Europe
Western Europe
South America
North America
Middle East and Africa
Countries Covered in the Global Credit Card Market
Brazil
Australia
France
China
India
Germany
Japan
Indonesia
South Korea
Russia
USA
UK
Companies involved in Global Credit Card Market-
MasterCard
Visa
Chase
American Express
Capital one
Citi
BOA
Wells Fargo
Barclays
Discover
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