Credit cards are expected to remain the most popular payment method for US consumers up to next year, with a projected total transactional value of $3.8 trillion in 2025. However, with changing rewards and fees, consumers may find it challenging to determine which cards to use. Cardless Co-founder & President Michael Spelfogel discusses his company and the important factors consumers should consider in a shifting credit card landscape.
Spelfogel advises consumers to select a credit card that aligns with their lifestyle and spending habits. He emphasizes the diversity of credit cards available today, citing Robinhood (HOOD) as an example that caters to Gen Z and Millennials. The ultimate goal of Cardless and similar companies is to broaden access to various products in the market.
When choosing a credit card, Spelfogel recommends considering factors such as interest rates, annual fees, cash-back offers, travel rewards programs, and customer service. Consumers should also compare different cards’ benefits and drawbacks before making a decision. It is essential to choose a card that offers the best value for money based on your individual needs and spending habits.
For further insights and the latest market trends, viewers can watch the full episode of Wealth! for expert commentary and analysis. This article was authored by Nicholas Jacobino.
