Understanding the evolving landscape of credit cards

Navigating the Shifting Credit Card Landscape: Tips from Michael Spelfogel, Co-founder of Cardless

Credit cards are expected to remain the most popular payment method for US consumers up to next year, with a projected total transactional value of $3.8 trillion in 2025, according to eMarketer. However, with changing rewards and fees, consumers may find it challenging to determine which cards to use. In this shifting credit card landscape, Michael Spelfogel, the Cardless Co-founder & President, discusses his company and the important factors consumers should consider when choosing the right credit card.

When selecting a credit card, Spelfogel advises consumers to choose one that aligns with their lifestyle and spending habits. He emphasizes the diversity of credit cards available today, citing Robinhood (HOOD) as an example that caters to Gen Z and Millennials. The ultimate goal of Cardless and similar companies is to broaden access to various products in the market.

Consumers should also consider factors such as annual fees, interest rates, cashback rewards, travel rewards and foreign transaction fees when choosing a credit card. They should also be aware of any potential fraud or security issues associated with their chosen card.

For further insights and the latest market trends in the credit card industry, viewers can watch the full episode of Wealth! for expert commentary and analysis by Michael Spelfogel and other experts in the field. This article was authored by Nicholas Jacobino.

In summary: Credit cards are still expected to be popular among US consumers next year with a projected total transactional value of $3.8 trillion but changing rewards and fees make it challenging for them to decide which card is best suited for them. It’s important for consumers to take into account their lifestyle and spending habits while considering factors such as annual fees, interest rates, cashback rewards, travel rewards and foreign transaction fees when choosing a credit card. They should also be aware of potential fraud or security issues associated with their chosen card. For more insights on this topic viewers can watch Wealth!

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