Charge Card Global Market Report 2024

The charge card market size has grown marginally in recent years. It will grow from $1.99 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The expansion witnessed in the historical period owes its momentum to several factors, notably the rise of electronic payments, enhanced convenience, reinforced security measures, the prominence of travel and entertainment sectors, and the prevalence of rewards programs.

The charge card market size is expected to see marginally grown in the next few years. It will grow to $2.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. Anticipated growth in the forecast period can be ascribed to the ascendancy of digital payments, the adoption of contactless payment methods, the surge in online shopping, and the continued emphasis on security measures and fraud prevention.

The charge card market's growth stems from its flexibility and absence of preset spending limits, expanding buying power. These cards offer premium rewards, tailor rewards based on spending, and provide diverse travel and purchase protections. For example, American Express grants airport lounge access, travel insurance, and more. Responsible usage can bolster credit scores. Moreover, these cards facilitate event organization, dining, travel bookings, and offer discounts with airlines, fostering increased demand.

Anticipated growth in consumer spending habits is poised to drive the charge card market. These habits shape payment method preferences, with many favoring charge cards due to their convenience and rewards. In September 2023, US Bureau of Labor Statistics noted a 12.9% rise in personal consumption expenditures in 2021 and 9.2% in 2022, fueling the demand for charge cards in response to increased spending behaviors. A prominent trend in the charge card market involves custom-designed cards, tailored to individual preferences. This type of card allows customers to create or select personalized designs. Notably, Unit, a US banking-as-a-service platform, introduced custom-designed charge cards for Small Businesses in November 2022. Unit manages card production, compliance, and transaction tracking, catering to diverse customer needs.

Market leaders are innovating to boost profitability, exemplified by initiatives like Visa Direct. This service facilitates real-time cross-border fund transfers for individuals, businesses, and financial institutions. Visa's expansion of Visa Direct Payouts in March 2021 streamlines payments to eligible cards domestically and globally through a unified interface. This solution offers swift fund transfers, especially valuable for urgent transactions.

Major companies operating in the charge card market include American Express, Diners Club International, Coutts and Co., Chase Bank, Citibank NA, Capital One Financial Corporation, Bank of America Corporation, Discover Financial Services, U.S. Bancorp, Wells Fargo, Barclays PLC, Navy Federal Credit Union, Pentagon Federal Credit Union, United Services Automobile Association, Visa Inc., Mastercard Inc., JCB Co. Ltd., Equifax Inc., TransUnion LLC, Experian PLC, Credit Karma, Credit Sesame, NerdWallet, Evolution Finance Inc., CreditCards.com, Bankrate LLC, PayPal Holdings Inc., Stripe Inc., Braintree, Authorize.net, Worldpay Group PLC, First Data Corporation, Total System Services Inc., Global Payments Inc., Elavon Inc., Heartland Payment Systems Inc.

Asia-Pacific was the largest region in the charge card market in 2023. Western Europe was the second largest region in the charge card market. The regions covered in the charge card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the charge card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The charge card market consists of revenue by entities that are engaged in storing, processing, and transmitting charge card data. Charge cards are like credit cards, but do not have a pre-set credit limit. Cardholders are not charged any interest and are required to pay the outstanding balance in full upon receiving a statement. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Primarily, charge cards encompass distinct categories like gold cards, platinum cards, plum cards, business gold cards, business platinum cards, and other variants. American Express's gold charge card, classified as an introductory tier, mirrors the benefits typically associated with credit cards. Engaging institutions range from both banking entities to non-banking establishments, serving diverse end-users such as retail consumers, corporations, and government or public sector entities.

The charge card market report is one of a series of new reports provides change card statistics, including change card industry global market size, regional shares, competitors with change card share, detailed change card segments, market trends and opportunities, and any further data you may need to thrive in the change card industry. This change card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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