Changing consumer preferences when it comes to making purchases will likely drive renewed demand for both prepaid debit cards and new credit cards in the coming year.
Consumers all around the world will likely increase their card spending and continue to move away from cash in 2012, as lenders offer more options, and demand for borrowing grows as the effects of the recent global recession continue to wane, according to a report from Global Industry Analysts. One of the major reasons for this shift toward payment cards instead of cash is that consumers continue to make a greater number of transactions online.
Of course, this also means debit use — which has slowly begun to supplant consumers' use of cash — will probably spike considerably, the report said. In particular, it's likely that business debit cards, which have grown in popularity recently, will become even more in demand.
When consumers are looking for new credit card accounts to aid their spending efforts, it's important that they order a copy of their credit report to make sure their financial health is as good as it should be. Sometimes, these documents contain problematic marks that may bring their credit scores down.