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U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past - ResearchAndMarkets.com

November 26, 2018

DUBLIN--(BUSINESS WIRE)--Nov 26, 2018--The “U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past” report has been added to ResearchAndMarkets.com’s offering.

U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past, provides a view of this market of five million cardholders and gives a detailed view of the issuing landscape.

Secured credit cards, a product tainted by opportunistic marketers before the turn of the 21st century benefited from transparency and disclosure requirements mandated by the Credit Card Accountability Responsibility and Disclosures Act of 2009 (CARD Act).

Today, top credit card issuing banks, specialty nonprime issuers, and credit unions serve the market with fair interest rates and payment terms. Prospective cardholders can qualify for the product at institutions including Bank of America, Citi, Discover, Green Dot, US Bank, and USAA for deposit balances well under $500.

Secured cards used to represent the dark side of the credit card business, with gouging fees and deceptive 900-carrier billing numbers, comments the author of the research report. Since the CARD Act cleaned up deceptive practices and unconscionable lenders, secured cards offer a mutually beneficial proposition for issuers and credit-impaired consumers.

Issuers can increase their interest and non-interest revenue and also nurture pathways to other products. Consumers who either are recovering from a household financial crisis or do not have established credit have the opportunity to be included in mainstream financial services.

Report Highlights

How the secure card product evolved Demographics of the secured card product market in the U.S. Selected secured card issuers Segment risks and opportunities Operating technologies

Key Topics Covered:

Executive Summary

From Hard Money Lending to a Viable Card Product

Well-Intentioned Idea Goes Awry

Revitalized Product Shows Promise

FICO Scores at Origination Are Weak

Secured Cards Can Improve Credit Scores

Expanding Secured Market by Attracting Volume from Open-Loop Prepaid Market

Opening Secured Card Balances Are Low

The Good, The Bad, and The Ugly

Driving Technologies

Authorizations, the Same but Different

Platforms, Providers, and Patents

Secured Credit Card Provides a Wide Range of Offerings

Small Business Secured Credit Cards

Consumer Secured Credit Cards

National Issuers

Specialized Subprime Card Issuers

Credit Unions

Conclusions: What This All Means for the Credit Card Industry

References

Related Research

Endnotes

Companies Mentioned

American Express Bank of America Barclays Capital Bank Capital One Chase Chevron Credit Union Citi Digital Credit Union Discover FICO First Progress Fiserv General Electric Credit Union Green Dot Mastercard Merrick Bank Navy Federal Credit Union NIH Credit Union Open Sky Synovus US Bank USAA Visa

For more information about this report visit https://www.researchandmarkets.com/research/48g4sb/u_s_secured?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20181126005454/en/

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Related Topics:Credit Cards

KEYWORD:

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 11/26/2018 08:56 AM/DISC: 11/26/2018 08:56 AM

http://www.businesswire.com/news/home/20181126005454/en

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