The Business Research Company’s Charge Card Global Market Report 2021: COVID-19 Impact and Recovery To 2030
LONDON, GREATER LONDON, UK, March 26, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
No pre-set spending limit and greater flexibility in spending contributed to the growth of the charge card market. Charge card offers financial flexibility of no pre-set spending limit on the purchase, which means more buying power. Additionally, charge cards offer premium rewards, maximize reward points based on spending patterns, and also offer a variety of travel and purchase protections. For instance, American Express offers complimentary Airport lounge access, hotel room upgrades, travel insurance, and much more. The customers are able to improve their credit score by using charge cards responsibly and paying on time every month. A charge card allows a customer to organize personal events, dining reservations, golf bookings, movie, and theatre ticket bookings and enjoy exclusive rates and discounts with leading airlines. These factors boosted demand for charge card services, and this, in turn, drove the charge cards market. However, no pre-set spending limit does not mean unlimited spending. The purchasing power is adjusted based on the use of the card, payment history, credit record and financial resources, and other factors. This will in turn help the customer to set a financial discipline.
Major players in the consumer credit card market report are American Express, Diners Club, Coutts Silk.
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The global charge card market is expected to grow from $1.92 billion in 2020 to $1.98 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The charge card market is expected to reach $2.05 billion in 2025 at a CAGR of 0.9%.
The charge card market covered in the charge card industry report is segmented by type into gold card, platinum card, plum card, business gold card, business platinum card, others and by institution type into banking institutions, non-banking institutions.
Charge Card Global Market Report 2021: COVID-19 Impact and Recovery To 2030 is one of a series of new reports from The Business Research Company that provides charge card market overview, forecast charge card market size and growth for the whole market, charge card market segments, and geographies, charge card market trends, charge card market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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