5 Credit Card Predictions for 2015 | USNews by Susan Johnston

credit cards

This year Apple Pay launched and several major security breaches put consumers on edge. As we prepare to usher in a new year, U.S. News talked to several credit card experts about what to expect from credit card issuers in 2015.

1. Expanded credit access. Lenders tightened their standards during the recession, making it tough for many people with blemished credit to get approved for credit cards or other loans. But as card issuers strive to expand their market share, they've loosened credit standards and made credit cards available to customers with scores below prime. "I think next year it's going to be a lot easier for people to be approved for a credit card," says Nick Clements, a former banker and co-founder of MagnifyMoney.com, a comparison website for financial products. "That's a trend I see continuing from this year. Bad information tends to leave your credit report after about seven years, so a lot of bad stuff [foreclosures or other debts] is now leaving people's credit reports. People's scores are improving, but also banks are continuing to expand their credit risk acceptance." Andrew Davidson, a senior vice president at Mintel Comperemedia, a market research firm that studies credit card offers, agrees. "As the economy strengthens and delinquency rates remain low, instead of targeting consumers with high FICO scores, they're extending offers to consumers with less-than-stellar credit."


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