Analysts Estimate Global Circulation Of Credit Cards to Hit 2.7 Billion By The Year 2015

Tuesday, January 17th, 2012
Updated: January 17th, 2012
The content is accurate at the time of publication and is subject to change.

There are many exciting things on the horizon for the consumer payment industry, including mobile payments, contactless payments and multifunction cards, to name a few. As lenders look to expand business by offering cards to consumers in emerging nations, credit card usage is set to increase worldwide.

Since 2008, the American financial crisis has wreaked havoc upon the country’s credit card industry. Overall, there was a huge reduction in consumer spending throughout the Great Recession yet lenders were still confronted with ever-growing amounts of bed debts. Many borrowers found themselves unable to meet even their minimum monthly payments as a result of job loss or underemployment and this resulted in credit card issuers having to take substantial losses. Therefore, over the past couple of years, lenders have be operating with stricter underwriting standards and only the most creditworthy consumers were finding themselves approved to carry a new credit card.

However, with the current economic climate in the United States showing gradual improvements as a recovery seems to be underway, lenders and borrowers alike are displaying more optimism. Consumers seem more willing to use credit cards to make purchases, and the end of 2011 saw the number of retail consumer credit cards transactions grow although overall spending remained low. Issuers have been looking to expand their customer base by offering great deals for products such as balance transfer credit cards.

There has been a wealth of innovation within the payment product industry as of late. As competition amongst lenders to attract new customers intensifies, technological advancements which will shape the future of the entire industry are playing a large role. Some of the new offerings include mobile payments, multifunction cards and contactless payments.

Additionally, accelerated growth in the credit card industries of several emerging nations is forecast for the near future. This growth will be driven by the rise in middle class populations and their median household incomes. Because the current number of cardholders in emerging nations is low, credit card issuers have ample opportunity to market their product.

In the U.S., many lenders are still struggling to come to terms with the CARD Act law that was affected in 2009. This Act was implemented by the government in attempt to protect consumers against unfair business practices of credit card companies. The resulting fees caps and forced transparency has really changed the entire landscape of the lending industry, making lines of credit more difficult to obtain for consumers with low credit scores.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Other Card News

Tuesday, June 20th, 2023

A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]

Saturday, December 26th, 2020

2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]

Friday, September 11th, 2020

Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]

Thursday, August 27th, 2020

This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]

Saturday, March 7th, 2020

A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.

Best Credit Offer
Surge® Platinum Mastercard®
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Group One Freedom Card
Copyright © 2001-2024 All Rights Reserved.

See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions. makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that may be compensated by the credit card issuers when the readers apply for a credit card through this site. is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. does not review or list all available financial or credit offers.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.