In recent years, credit card companies have come up with various innovations to help offset the impact of inflation and rising interest rates. Considering the current state of credit card balances, consumers need flexible payment options now more than ever. Fortunately, credit card issuers are creating new opportunities for cash-strapped individuals in response to this ever-growing need. Keep reading to learn how you can offset inflation with these payment innovations!
Recently, a New Jersey-based bank launched the first traditional credit card claiming to be fully interest-free! They can do this by consistently charging users a monthly fee of $10 to access a $1000 credit line or $20 to access a $2000 credit line. Users must make the payments whether the card is used or not, and there are no late fees.
A new type of mobile wallet company has emerged, allowing users to view their total bank-account funds and available credit in real-time via artificial intelligence (AI). The average consumer has at least four cards to make payments with, which can cause problems if the individual cannot keep track of each card’s credit limit. This new technology allows consumers to make more effective purchases using credit, debit, and/or gift cards!
In recent years, a company created one of the only secured credit cards allowing users to earn cash-back rewards for daily spending. This type of payment card is said to be a cross between a credit and debit card with flexible funding and better rewards. No minimum deposit is required, and the account stores the exact amount of credit available to each user!
As technology evolves and the economy changes, innovations are necessary for any industry, especially the payments industry. Luckily, credit card companies are starting to lean more on innovation during times like this, resulting in more efficient business processes and happier consumers. Contact us to learn more about how to offset inflation with these payment innovations!
Source: www.americanbanker.com/payments/list/5-payments-innovations-designed-to-counter-inflation
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