With 97.9 million active credit cards in India as of December 2023, it is no surprise that the credit card market in India is growing at a breakneck speed. This growth is fuelled by changing consumer demand and the convenience of credit cards. Customers are now managing their usage with an online credit card app linked to their card and boosting their financial well-being.
As the tech-savvy generation of India experiences technological advancements, the future of credit cards is dynamic. From incentivising timely payments to virtual credit card payments via apps, know more about the trends that are right around the corner.
- Tailored Benefits
Credit card apps will soon be able to match a customer’s spending patterns to offer personalised rewards. If you are seen focusing on healthy food and gym memberships, for instance, you can expect to be offered free health checks and discounts on organic groceries from partner brands. In this way, credit cards will help you achieve your unique goals and give you tailored deals as per your preferences.
- Incentives For Good Behaviour
Paying your credit card bills on time and boosting your credit score will soon allow you to enjoy perks. You can expect lower interest rates and charges, higher credit limits and other upgrades from your credit card company.
Apart from rewarding you to be a responsible spender, you can also expect a range of financial management tools at your fingertips via an online credit card app. These will help you improve your financial literacy and stay on budget with ease.
- More Flexibility
From cash advances and EMIs to paying bills, credit cards will soon offer hybrid solutions so that you can choose the best way to clear bills – whether it is via instalments, at the end of the month or after a moratorium.
With Buy Now Pay Later plans gaining immense popularity, companies are looking to eliminate interest and finance charges completely and offer more flexibility to cardholders.
- More Inclusive
Issuers are now looking to offer easy access to customers who are new to credit. Bill payments, bank details and rental data only give access to limited information. To overcome this, card companies are leveraging AI and other forms of checking an applicant’s financial health.
Plenty of available yet untapped data can add value to a new consumer’s profile and lead to a more inclusive approval process.
- Embedded Ecosystem
Credit card apps and the cards they are linked to will no longer function as separate entities. Instead, you will now get access to the entire financial ecosystem through your credit card app. Going ahead, you can access your mobile wallet, invest in FDs and mutual funds, and use a virtual credit card with the same app.
New-age credit cards are already being designed to cater to a tech-savvy generation who want to spend money without worrying, use online credit card apps to manage finances, and enjoy personalized features with one tap. To enjoy some of these features, go for the One Credit Card.
This premium metal card charges no joining or annual fees and offers you the ability to earn fractional reward points that never expire. You can get 5X reward points on your two highest spending categories a month and a range of discounts across travel, dining and shopping. With the One Credit Card Mobile App, you can also track your expenses and manage your budget. To get this credit card apply now and gear up for a rewarding experience.
Read Also: 6 Tips To Get Credit Card Application Approved Faster
