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28/12/2010 -
The credit card and payment processing industry saw many pivotal moments in 2010, from the CARD Act to a strong ecommerce performance during the holiday shopping season.The Street recently made several predictions for what's in store for the industry in 2011. The news source agrees with predictions from TransUnion expecting credit card deliquencies to drop next year. Specifically, TransUnion predicts that this rate will drop as low as 0.67 percent by the end of next year.
More credit card offers are anticipated to arrive in the mail, especially at the homes of consumers with good credit.
"While stricter lending has cut issuers' losses from bad loans, it is also limiting revenue. Regulations have slashed revenue for credit card companies and banks and will have to make it up somewhere. As the economy recovers, issuers will have to find ways to reasonably increase lending," notes the news source.
In order to attract customers and encourage spending, card issuers will also increasingly focus on promoting reward programs. Most cards will continue to make these offers without annual fees, according to the source.
