Charge Card Global Market Report 2021: COVID-19 Impact and Recovery To 2030

Major players in the charge card market are American Express, Diners Club, and Coutts Silk. The global charge card market is expected to grow from $1. 92 billion in 2020 to $1. 98 billion in 2021 at a compound annual growth rate (CAGR) of 3.

New York, June 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Charge Card Global Market Report 2021: COVID-19 Impact and Recovery To 2030" - https://www.reportlinker.com/p06097043/?utm_source=GNW
1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.05 billion in 2025 at a CAGR of 0.9%.

The charge card market consists of sales of charge card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data.Charge cards are similar to credit cards but do not have a preset credit limit.

Cardholders are not charged any interest and are required to pay the outstanding balance in full upon receiving a statement. Only goods and services traded between entities or sold to end consumers are included.

The charge card market covered in this report is segmented by type into gold card, platinum card, plum card, business gold card, business platinum card, others.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Low-income levels and financial instability is expected to limit the charge card market growth.For instance, Egypt is facing financial instability, and all economic activities in a country are affected.

According to the Central bank data, bank loans in Egypt grew by 13.6% in the year 2018-19, and there was also a 41% increase in non-governmental loans. According to The National Statistics Agency of Egypt, 33% of Egypt’s population classified as poor in 2018, which increased compared to 2015 (28%). International Monetary Fund expects the inflation rate in Egypt to be in double digits until 2021. Moreover, the COVID-19 pandemic has disturbed the financial stability of major countries around the world due to restrictive measures such as social distancing, remote working, and closure of industries, factories, and other commercial activities. The trade has been disrupted and resulted in economic losses. Such financial instability in the lives of people disables them to pay the outstanding balance immediately and thereby has a negative impact on the charge card market.

No pre-set spending limit and greater flexibility in spending contributed to the growth of the charge card market.Charge card offers financial flexibility of no pre-set spending limit on the purchase, which means more buying power.

Additionally, charge cards offer premium rewards, maximize reward points based on spending patterns, and also offer a variety of travel and purchase protections.For instance, American Express offers complimentary Airport lounge access, hotel room upgrades, travel insurance, and much more.

The customers will be able to improve their credit score by using charge card responsibly and paying on time every month.A charge card allows a customer to organize personal events, dining reservations, golf bookings, movie, and theatre ticket bookings and enjoy exclusive rates and discounts with leading airlines.

These factors boosted demand for charge card services, and this, in turn, drove the charge cards market. However, no pre-set spending limit does not mean unlimited spending. The purchasing power is adjusted based on the use of the card, payment history, credit record and financial resources, and other factors. This will in turn help the customer to set a financial discipline.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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