I adopted a custom to release predictions at the beginning of every year. The predictions are just my small-head-wishes for what I hope will happen within the upcoming year. 

Let’s review the 2023 predictions and see which of my “wishes” happened and which ones did not.

Prediction #1 - Amex and Capital One will be fighting back the Ink Premier

I predicted that Amex and Capital One will both be fighting back to try to gain market share by releasing a new business card that will beat the card_name. 

Capital one already has an unlimited 2% cash back card but I predicted they would try to do something better in order to compete with the 2.5% cashback that Chase is offering on the card_name (for transactions of $5k or more). 

Did it happen? 

Throughout 2023, we have seen Capital One reach out privately to many high spenders on the Capital One Spark Cash Plus and offer them a higher rate of cashback via a private offer.

We have also seen Capital One release the card_name which also earns unlimited 2 points and comes along with many luxury travel benefits. I believe this move was somewhat driven to better compete with the card_name.  

Amex is still offering only 1.5 points on transactions of $5k or more on card_name, or 2 points on all purchases with card_name, but only for up to the first $50k you spend per year.  

I am seeing Amex  losing significant market share. But they are apparently still sleeping through this. 

Prediction #2 - Ink Premier will start allowing transferring points to travel partners

The card_name has one huge flaw. It doesn’t allow you to transfer the points to other Chase cards (which would have enabled you to redeem the points at 1.5 cents per point for travel with the card_name). It also does not allow you to transfer the points to Chase airline and hotel partners. You can only redeem the points as cashback. 

I get the reason why Chase does not want you to transfer the points to other Chase cards. It would cost them too much if you end up redeeming the points for 1.5 cents per point for travel on the card_name. What I don’t get is why they don’t allow you to transfer the points to airline or hotel programs. I don’t think Chase pays the airlines more than a penny per point for points that get transferred to them. Therefore, I don’t see a reason Chase shouldn’t allow it. I predicted that somewhere in 2023, Chase would be getting enough feedback about fixing this and start allowing partner transfers on the card_name. 

Did it happen? 

A few months ago we saw a glitch that allowed some cardholders to transfer their points to other Chase cards (including to the card_name!). I already got excited, but it turned out just to be a glitch and as of now, there is no permanent change to this. Unfortunately, as of now you can only redeem Ink Premier points for cashback. Still a great card but it could have been even greater! 

Prediction #3 - More banks to release a similar “Apply With Confidence*” feature

Amex has introduced a new application experience which lets you know if you’re approved or not for a credit card before they do a hard pull. This is different from the standard pre-approval because this is a 100% guaranteed approval*. This is a huge game changer from Amex and I predicted that other banks would follow and also introduce such a feature as well (Goldman Sachs already has this application experience as well).

Did it happen? 

No. Unfortunately, not at all. Let’s see how this plays out in 2024 and beyond. 

Prediction #4 - Annual fees will continue to rise

Due to insane inflation,  I predicted that banks would use this as an opportunity to raise annual fees on cards. I predicted that during 2023 we would see annual fees going up on many cards. 

Did it happen? 

We saw many annual fees go up on many cards including the card_name, Hilton cards, and more. But I have to admit that we did not see it to the extent I imagined it would go. 

Prediction #5 - Welcome offers will continue to rise

I predicted that in 2023, welcome offers would go up to all-time highs due to inflation, and since money has become cheap in the eyes of consumers, banks would need to offer higher welcome offers to entice people to sign up for their cards. 

Did this happen? 

Yes. We have seen 2023 to be a great year for welcome offers and many cards have increased welcome offers to a level never seen before. 

Prediction #6 - Credit cards will become easier to keep track of

I predicted that 2023 would be the year you would finally be able to properly keep track of your cards seamlessly and easily. 

Did this happen? 

With this prediction, I hinted at our planned release of our new app CardRight. At the time, I wasn’t 100% sure that we would be able to release our app in time but I was hoping! Thankfully, we were able to release our app and it went off with a huge bang! Thousands of users signed up and they are all enjoying a seamless way to keep track of their credit cards, with much more to come in 2024 as well. Stay tuned! 

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*The new application experience is currently available for individuals applying for a U.S. Personal Card via HelpMeBuildCredit, at AmericanExpress.com/us/credit-cards, or by calling American Express, and is not available if you apply for a Card after you log into an existing Card Member Account. If you accept the offer and apply for the card, Amex will do a hard pull on your credit report.