U.S. Secured Credit Cards Market Forecast, 2017-2021: A Credible Product with a Dark Past - ResearchAndMarkets.com
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 HighlightsHow 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:
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
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
Specialized Subprime Card Issuers
Conclusions: What This All Means for the Credit Card Industry
Companies MentionedAmerican 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
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