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Credit Cards in the United States 2008
Mintel, Nov 2008, Pages: 86
This report expands on the analysis presented in previous reports, specifically focusing on the market landscape for Premium Credit Cards. The economic climate of 2008 has left an indelible mark on the consumer lending industry, creating both opportunities and challenges for the issuers of Premium Credit Cards.
The impact of the credit crunch, the growth in the population of wealthy consumers, and the needs and wants of premium card customers are examined.
Here are some of the major themes of this report:
- The impact of the downturn in the U.S. economy has continued through the third quarter of 2008 with most large premium card issuers projecting continued losses
- Several card issuers have recently entered or expanded their position in the premium card market with recent product launches, including Bank of America, American Express, Citibank and HSBC
- Electronic transactions continue unprecedented growth
- Recent changes to many airline mileage programs have created risks to their airline card partners, and potential opportunities to premium card issuers, as consumers weigh the decreased value of airline cards
- Consumers with premium credit cards as their primary card are much more active online as related to credit card customer service needs
- The benefits most valued by consumers with premium cards are those that provide consumers with peace of mind, with identity protection benefits and insurance benefits (travel & purchase) garnering the highest ratings
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