Last year, my predictions were nothing better than the ones of a crypto trader. But I’m not giving up. Here are my stunning predictions for 2023. Will my predictions happen? That part I’m leaving for you to predict;)
Let’s start the year with some fun. Here are my 2023 predictions!
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Prediction #1 - Amex and Capital One will be fighting back the Ink Premier
The banks will fight and we will win. Chase has finally released the Ink Premier. I believe that now 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 Ink Premier card.
Capital one already has an unlimited 2% cashback card but I think they will try to do something better in order to compete with the 2.5% cashback that Chase is offering on the Ink Premier card (for transactions of $5k or more).
Amex is still offering only 1.5 points on transactions of $5k or more on the Amex Platinum Business card or 2 points on all purchases with the Amex Blue Business Plus card, but only for up to the first $50k you spend per year. They will need to up the game or they will be losing significant market share.
I had the same prediction last year and it didn’t happen however I think I was off with the timing and I do predict it for 2023.
Prediction #2 - Ink Premier will start allowing transferring points to travel partners
The Ink Premier card went like hotcakes. Every large business owner is grabbing one (it earns 2% cashback on all purchases and 2.5 % cashback on purchases of $5k or more). But the card has a 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 Sapphire Reserve). 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 Sapphire Reserve. 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 predict that somewhere in 2023, Chase will be getting enough feedback about fixing this and start allowing partner transfers on the Chase Ink Premier card.
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 predict other banks will follow and also introduce such a feature as well (Goldman Sachs already has this application experience as well).
Prediction #4 - Annual fees will continue to rise
Due to insane inflation, I think banks will use this as an opportunity to raise annual fees on cards. I predict that during 2023 we will continue to see annual fees going up on many cards.
Prediction #5 - Welcome offers will continue to rise
In 2022, we have seen many all-time high offers pop up. I think we will continue seeing this trend due to inflation, and since money has become cheap in the eyes of consumers, banks will need to offer higher welcome offers to entice people to sign up for their cards (unless a recession hits and the entire credit card market slows down).
Prediction #6 - Credit cards will become easier to keep track of
If you’re still reading this post then I have a surprise for you. I predict that 2023 will be the year you will finally be able to properly keep track of your cards seamlessly and easily. Why do I have this prediction? Stay tuned!
*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.