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Starter Credit Cards Market Key Trends, Size And Forecast To 2024-2033
Starter Credit Cards Market Key Trends
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According to The Business Research Company's, The starter credit cards market size has grown rapidly in recent years. It will grow from $276.32 billion in 2023 to $304.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to economic conditions, regulatory changes, lifestyle changes, credit accessibility initiatives, education and awareness.
The starter credit cards market size is expected to see rapid growth in the next few years. It will grow to $450.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to changing demographics, personalized financial products, anticipated regulatory changes, consumer behavior shifts, and growing demand for financial products. Major trends in the forecast period include enhanced mobile integration, biometric authentication, customer experience enhancements, blockchain for security, and artificial intelligence (AI) for credit decisions.
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Market Drivers and Trends:
The rise of digital payments is expected to propel the growth of the starter credit card market going forward. Digital payments refer to transactions made electronically, typically via mobile devices or online platforms, without the need for physical cash or cards. The rising popularity of digital payments is driven by factors such as convenience, security enhancements, widespread smartphone adoption, and increasing merchant acceptance. Starter credit cards facilitate digital payment adoption by enabling individuals with limited credit histories to participate in cashless transactions, promoting financial inclusion and digital economy growth. For instance, in November 2022, according to the Bangko Sentral ng Pilipinas, a Philippines-based central bank, In 2022, digital payments saw significant growth, accounting for 42.1% of total retail payment volume, driven by an increase of 611.7 million transactions compared to 2021. In terms of value, digital payments constituted 40.1% of total retail payments, amounting to $78 billion. Therefore, the rise of digital payments will drive the growth of the starter credit card market.
Major companies operating in the starter credit card market are focusing on product innovation, such as secured credit cards, to continue attracting new customers and expanding their market reach. A secured credit card requires a cash deposit as collateral, typically equal to the credit limit, to minimize risk for lenders and assist individuals in building or repairing their credit. For instance, in January 2024, College Ave, a US-based financial services company, launched the Ambition Mastercard, a secured credit card tailored for college students aged 18 and above. This new product is aimed at assisting students in establishing a favorable credit record and complements College Ave's existing suite of financial solutions. This card was developed in collaboration with Bond, an embedded finance platform owned by FIS, and features no interest charges, late fees, or application fees. It also offers cash-back rewards and reports timely payments to all three major credit reporting agencies, facilitating the enhancement of students' credit profiles.
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Major Key Players of the Market:
JPMorgan Chase & Co., Bank of America Corporation, Wells Fargo & Company, Citigroup Inc., American Express Company, TD Bank N.A., Capital One Financial Corporation, Barclays PLC, BBVA USA, U.S. Bancorp, PNC Financial Services Group Inc., Discover Financial Services, Synchrony Financial, Fifth Third Bank, Regions Financial Corporation, Navy Federal Credit Union (officially known as Navy Federal Credit Union), Comerica Incorporated, Green Dot Corporation, Credit One Bank N.A., Merrick Bank Corporation, Avant LLC, First Premier Bank, Petal Card Inc., Applied Card Bank, Deserve Inc.
Starter Credit Cards Market 2024 Key Insights:
• The starter credit cards market size is expected to see rapid growth in the next few years. It will grow to $450.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Impact Of Digital Payments On The Starter Credit Card Market
• Enhancing Credit Accessibility Through Secured Cards
• North America was the largest region in the starter credit cards market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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