PUBLISHER: The Business Research Company | PRODUCT CODE: 1742142
PUBLISHER: The Business Research Company | PRODUCT CODE: 1742142
Credit cards are financial instruments issued by banks and financial institutions that allow consumers and businesses to borrow funds for transactions, typically with a predefined credit limit. Credit cards serve as a widely accepted payment method, enabling cardholders to make purchases at retail stores, online platforms, restaurants, and service providers. They are used by individuals for personal expenses, businesses for operational costs, and travelers for convenient access to funds.
The credit card market consists of revenues generated by entities (organizations, sole traders, and partnerships) that facilitate borrowing and payment transactions. A credit card is a financial tool issued by banks or financial services companies, allowing cardholders to borrow funds to make purchases or withdraw cash up to a predetermined credit limit.
The global credit card market was valued at $395,390.11 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 9.00%.
Rising Influence Of Monetary Policies And Central Bank Decisions
During the historic period, the rising influence of monetary policies and central bank decisions propelled the growth of the credit card market. Monetary policies and central bank decisions, such as interest rate adjustments and liquidity measures, can enhance credit card affordability by stabilizing borrowing costs and ensuring financial stability. Lower interest rates and supportive economic policies encourage consumer spending and credit accessibility, benefiting both cardholders and issuers. For instance, in March 2025, according to a report published by the House of Commons Library, a UK-based library and information resource of the lower house of the British Parliament, in response to Covid-19, the Bank implemented measures in March 2020, cutting interest rates to a historic low of 0.1%, where they remained until December 2021. This contributed to more stable financial conditions, potentially benefiting credit card users by reducing volatility in interest rates. Therefore, the rising influence of monetary policies and central bank decisions drove the growth of the credit card market.
Enhancing Financial Services Through Strategic Partnerships And Innovation
Major companies operating in the credit card market are focusing on developing strategic partnerships, to enable companies to leverage each other's expertise, infrastructure, and customer base to enhance product offerings, expand market reach, and optimize operational efficiency while minimizing risk and cost. A strategic partnership is a formal agreement between two or more organizations to collaborate and leverage each other's strengths, resources, or expertise to achieve mutual business objectives while maintaining their independence. For instance, in February 2025, Highnote, a US-based financial technology company, partnered with Fasten Rewards, a US-based financial services company, to launch customer credit card programme. As a result of this partnership, Fasten Rewards will utilize Highnote's customizable platform to enhance the relationship between drivers and dealerships by offering an improved credit card that rewards consumers for making auto loan or lease payments. This initiative aims to boost dealership loyalty, engagement, and sales velocity while providing added value to car owners. Key operations supported by Highnote's platform include credit underwriting, where it pulls credit reports and applies Fasten's credit policies, credit bureau reporting by managing data exchanges with all three major credit reporting agencies, and account servicing, which facilitates billing, interest and fee assessments, and overall account management.
The global credit card market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 9.71% of the total market in 2023.
Credit Card Global Market Opportunities and Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global credit card market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for credit card? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The credit card market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider credit card market; and compares it with other markets.