NEW YORK—Look for more credit card rewards offers in 2024, but issuers will make it harder to redeem some of the offers, according to one new forecast.
“Overall, we expect increased amounts of credit card debt and shifts in the types of credit cards many consumers seek out,” stated the Points Guy. “However, this behavior is unlikely to change for those who are heavily invested in the points and miles hobby; here, people will still look for large sign-up bonuses and premium credit cards, despite the continued trend of rising annual fees.
“Moreover, we have predictions about what credit card issuers are likely to do in 2023. There's good and bad news here,” the forecast continued. “The most glaring example is that new benefits will be added, but we don't think they'll be easy to use or offer the value banks claim when announcing these benefits.”
Additional Predictions
More 2024 predictions from The Points Guy include:
- Bonuses will continue, but “best ever” offers will be rare
- Applications will shift from premium cards to those with financial benefits
- Credit card debt will increase
- Increase in buy now, pay later offerings and usage
- Less interest in crypto-earning cards
- 2% cash back is the standard going forward
- Annual fees will continue to climb
- More niche and partner products
- Fewer business-related travel perks
- More complimentary subscriptions and tough-to-use credits
- Customers will look for travel protections after headaches in 2022
- Niche access and products with costs to card issuers will go away
- More cardholders will spend their way to elite status
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