Credit Card Processing Trends in 2016
Credit card Trends; they are certainly alive and well in 2016. Here are some that have been trending this year. Let’s see what some of them are.
One of the credit card trends would be to even have one. Most middle aged people have them and they do use them. Some people that are just now reaching adulthood have one, but they probably use them more infrequently than most, since they don’t have a great job just yet. Typically, a person in college is likely doing a work study program or has a restaurant job.
Another one of the credit card trends this year is merchant POS systems that use the new chip. This is something they had in other countries for a few years, but was slow in coming to the USA. These new cards are sometimes called ‘smart cards’. This chip enables more security and in turn, said it reduces fraud and that’s always a good thing. This also comes with saving money, which is another good thing. The ‘smart card’ is comparatively more futuristic of cards than the old swipe method.
There was also a big roll out of the chip cards. Lots of banks including Chase and Citibank, had to take their time rolling out these new cards. These new cards would replace the cards the customer carried. They didn’t roll them out right away, which probably would have been very expensive, but they did roll them out in stages. Customers started receiving them in the mail.
Depending on who you are, your spending on credit cards may have gone up or down. Now, everyone does have hard times and needs the credit cards to get them through the next few days, weeks or months. This depends a lot on the economy. If the economy is thriving, the spending could be up or down. In a depressed economy, then credit card spending can increase or decrease.
Credit Card Incentives
Depending on the credit card, it may give you points for everyday spending. Sound great? We thought so. So how does this play into the trend of using the credit card?
Well things will become illuminated very quickly. Let’s say I give you money back or points for buying what you want. Sound appealing? Yes it does. Does this prompt you to spend more on your credit card? Yes it sure does. So sometimes, because of incentives, we want to charge more on credit cards than originally planned.
The mentality seems to be to ‘buy now and pay later’. You can buy it now and figure out how to pay for it later. Some people do not know how to handle money at all, while people are great at it. This mentality of buying now and paying for it later perpetuates the trends of getting things on credit which could be what you can’t afford.
So credit card trends have seen a lot of change in a very short amount of time. It is expected to keep changing rapidly as this is an ever changing world.