The new year has already started and time is moving forward. Each new year brings more innovation to the world for the development and advancement of mankind. The world of finance is no different. Credit cards have been enjoying immense popularity for some years now due to their convenience. They let the customer buy-in credit at the point of sale and charge an annual fee and interest on the credit received. A credit card can be issued to you as long as you have a stable source of income. In exchange, you can enjoy bonus, rewards and various perks that come with it. What can we expect from this convenient and lavish mode of payment in the future? Will credit card policies become lenient or more strict in the near future? Some of the top 2018 credit cards predictions are listed below according to some veteran finance bloggers on the internet.
Huge Rewards can be expected
Credit card companies give users rewards on various purchases. These bonuses vary from small to large depending on the issuer of a credit card. Some credit cards allow the customer to receive as high as a 5% reward per purchase of the original payment. We can expect an increase in cashback rewards in 2018 as credit card companies are looking forward to attracting new applicants with tempting offers.
Raise in interest rates
The interest rate on your debt has been predicted to be increased. If you have any previous debt you haven’t paid off, it is advisable to pay it as soon as you can. Otherwise, you will be in deep debt due to the rise in interest rates.
Checkout without the signature
More credit card companies are following the MasterCard’s lead to skipping signatures at physical checkout locations. This will lead to faster and more convenient checkout for your purchase in the near future. It is predicted that by the end of this year, pens will vanish from checkout points.
Facial Recognition for Payment
Instead of signatures, your identity will be verified with the help of facial recognition. This technology is already being used in China and soon it will reach other countries of the world as well. Alibaba, a name many will recognize in the world of e-commerce, has already initiated Smile-to-Pay service that lets a customer pay for the purchase by smiling.
Mobile Wallets will rise in Popularity
As observed in recent years, electronic payments have become more renowned like Samsung Pay and Chase pay. This feature let users pay with the convenience of their cell phone. We will see more promotions for this feature in 2018. And as a result, there are chances of more Mobile rewards being granted to users as well.
Changes to Southwest Companion Pass
The Champion pass is the most coveted credit card perk right now that will face some negative changes. When Southwest adds Hawaii to the service, the companion pass will become too precious. The chances for an increase in required points for sign up are pretty high.