Charge Card Global Market Report 2022

May 2022 •
175 pages •
Report ID: 6280266 •
Format: PDF

Summary
Table of contents

Major players in the charge card market are American Express, Diners Club, Coutts Silk, Abc, Xyz.

The global charge card market is expected to grow from $1.91 billion in 2021 to $1.96 billion in 2022 at a compound annual growth rate (CAGR) of 2.9%. The market is expected to grow to $2.04 billion in 2026 at a compound annual growth rate (CAGR) of 1%.

The charge card market consists of sales of charge card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data.Charge cards are similar to credit cards but do not have a preset credit limit.

Cardholders are not charged any interest and are required to pay the outstanding balance in full upon receiving a statement. Only goods and services traded between entities or sold to end consumers are included.

The main types of charge cards are gold cards, platinum cards, plum cards, business gold cards, business platinum cards, and other charge cards.The gold charge card of American express is an entry-level card and has the benefits of a credit card.

The types of institutions involved are banking institutions and non-banking institutions. These are used by various end-users such as retail, corporate, and government/public sector.

Asia Pacific was the largest region in the charge card market in 2021.Western Europe was the second largest region in the charge card market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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 will be 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.

Low-income levels and financial instability is expected to limit the charge card market growth.For instance, Egypt is facing financial instability, and all economic activities in a country are affected.

According to the Central bank data, bank loans in Egypt grew by 13.6% in the year2019, and there was also a 41% increase in non-governmental loans. According to The National Statistics Agency of Egypt, International Monetary Fund expects the inflation rate in Egypt to be in double digits until 2021. Moreover, the COVID-19 pandemic has disturbed the financial stability of major countries around the world due to restrictive measures such as social distancing, remote working, and closure of industries, factories, and other commercial activities. The trade has been disrupted and resulted in economic losses. Such financial instability in the lives of people disables them to pay the outstanding balance immediately and thereby harms the charge card market. Major players in the charge card market are American Express, Diners Club, and Coutts Silk.

The countries covered in the charge card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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