With 2023 behind us, it's time for our annual predictions for what the world of credit cards and rewards will bring in the year ahead.
The good news? Enhanced technology, new premium credit cards and more transfer partners. The bad? Increasingly difficult-to-use statement credits and restrictions on lounge access.
Furthermore, Congress may continue pushing the Credit Card Competition Act — either as a stand-alone bill or as an amendment to other proposed pieces of legislation. This could negatively affect the rewards ecosystem and ultimately cost consumers, so it's something we're watching closely.
Related: Here's why your credit card perks could be going away
Let's dive into 10 trends to expect from your points and miles with our 2024 credit card predictions.
In 2024, we predict that card issuers will continue to offer new statement credits with specific partners — often split out into monthly, quarterly or biannual (every six months) chunks.
American Express is the main culprit of this hard-to-maximize trend, with a recent example being the quarterly flight and hotel credits introduced to Hilton cobranded cards in October last year. However, Citi got in on the action in 2023 as well, adding a variety of new statement credits to the Citi® / AAdvantage® Executive World Elite Mastercard® (see rates and fees).
These partnerships encourage cardholders to spend with specific merchants (or specific types of merchants), though remembering to use the various statement credits can lead to breakage — cardholders not fully using them.
It's unrealistic to expect annual and authorized user fees to decrease over time. We're seeing many cards increase their annual fees, like the American Express® Business Gold Card's increase from $295 to $375 from Feb. 1 (see rates and fees).
Issuers are also aiming to derive more revenue from cardholders adding authorized users, who enjoy perks like lounge access and TSA PreCheck and Global Entry statement credits.
My top prediction for an annual fee increase this year? The Capital One Venture X Rewards Credit Card.
It was launched over two years ago with a $395 annual fee (see rates and fees) that has not increased since then. Given its two main competitors, the Chase Sapphire Reserve and The Platinum Card® from American Express, have annual fees of $550 and $695, respectively (see rates and fees for the Platinum card), the issuer may feel emboldened to bump the fee in 2024.
Alternatively, it could retain its advantage as the most competitively priced premium credit card — something that likely played a factor in winning Best Premium Credit Card at the 2023 TPG Awards.
While American Express and Chase have traditionally dominated the premium travel rewards credit card space,
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Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
If you're interested in earning more rewards on everyday purchases, you might want to start using — or using more frequently — dining rewards programs. While many travelers are familiar with online shopping portals, fewer are familiar with dining rewards programs. In short, dining rewards programs let you earn extra points or miles when you use an enrolled card to pay at select restaurants, bars and clubs.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
International tourism will rise by 15% in 2024 from last year, according to data shared by United Nations World Tourism Organization Friday. In fact, it will also exceed 2019 levels by 2%.
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.