Overview and Scope
The starter credit cards market consists of revenues earned by entities by providing services such as the issuance of credit cards, interest charges, credit monitoring services, late fees, and penalties. The market value includes the value of related goods sold by the service provider or included within the service offering. The starter credit card market also includes sales of retail store credit cards and subprime credit cards. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The starter credit cards market size has grown rapidly in recent years. It will grow from $276.32 billion in 2023 to $304.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to economic conditions, regulatory changes, lifestyle changes, credit accessibility initiatives, education and awareness.
The starter credit cards market size is expected to see rapid growth in the next few years. It will grow to $450.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to changing demographics, personalized financial products, anticipated regulatory changes, consumer behavior shifts, and growing demand for financial products. Major trends in the forecast period include enhanced mobile integration, biometric authentication, customer experience enhancements, blockchain for security, and artificial intelligence (AI) for credit decisions.
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Segmentation & Regional Insights
The starter credit cards market covered in this report is segmented –
1) By Type: Student Credit Card, Secured Credit Card, Unsecured Starter Credit Card
2) By Annual Fee: No Annual Fee Card, Low Annual Fee Card
3) By Provider: Banks, Nonbank Financial Companies (NBFCs), Credit Unions, Other Providers
North America was the largest region in the starter credit cards market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the starter credit cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise of digital payments is expected to propel the growth of the starter credit card market going forward. Digital payments refer to transactions made electronically, typically via mobile devices or online platforms, without the need for physical cash or cards. The rising popularity of digital payments is driven by factors such as convenience, security enhancements, widespread smartphone adoption, and increasing merchant acceptance. Starter credit cards facilitate digital payment adoption by enabling individuals with limited credit histories to participate in cashless transactions, promoting financial inclusion and digital economy growth. For instance, in November 2022, according to the Bangko Sentral ng Pilipinas, a Philippines-based central bank, In 2022, digital payments saw significant growth, accounting for 42.1% of total retail payment volume, driven by an increase of 611.7 million transactions compared to 2021. In terms of value, digital payments constituted 40.1% of total retail payments, amounting to $78 billion. Therefore, the rise of digital payments will drive the growth of the starter credit card market.
Key Industry Players
Major companies operating in the starter credit cards market are JPMorgan Chase & Co., Bank of America Corporation, Wells Fargo & Company, Citigroup Inc., American Express Company, TD Bank N.A., Capital One Financial Corporation, Barclays PLC, BBVA USA, U.S. Bancorp, PNC Financial Services Group Inc., Discover Financial Services, Synchrony Financial, Fifth Third Bank, Regions Financial Corporation, Navy Federal Credit Union (officially known as Navy Federal Credit Union), Comerica Incorporated, Green Dot Corporation, Credit One Bank N.A., Merrick Bank Corporation, Avant LLC, First Premier Bank, Petal Card Inc., Applied Card Bank, Deserve Inc.
The starter credit cards market report table of contents includes:
1. Executive Summary
2. Starter Credit Cards Market Characteristics
3. Starter Credit Cards Market Trends And Strategies
4. Starter Credit Cards Market – Macro Economic Scenario
5. Global Starter Credit Cards Market Size and Growth
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32. Global Starter Credit Cards Market Competitive Benchmarking
33. Global Starter Credit Cards Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Starter Credit Cards Market
35. Starter Credit Cards Market Future Outlook and Potential Analysis
36. Appendix
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