BOSTON—Credit unions should prepare for a “big upcoming trend” involving new competition, according to one analyst. The trend? Startups launching new credit card products at a rapid pace, according to David Shipper, senior research analyst at Aite Group.
“It is easier and cheaper than ever before for a startup to launch a credit card, and many startups are working to create something that is unique and rewarding in hopes of taking business away from the big guys,” he told Bankrate.
“For example, BlockFi is currently in the midst of launching its new Bitcoin Rewards Credit Card. Not surprisingly, this card will let customers rack up the digital currency known as Bitcoin in place of traditional cash back,” Bankrate said.
The Bitcoin Rewards Credit Card is currently on a waitlist, but it’s set to launch to eligible consumers sometime in 2021, Bankrate said.