5 Exciting Credit Card Perks to Expect in 2023

Image source: Getty Images

Credit cards may be worth more next year.


Key points

  • Credit card companies may offer higher rewards rates and more ways to redeem rewards in 2023.
  • Some card issuers are launching their own airport lounges.
  • It also wouldn’t be a surprise to see big bonus offers next year.

Credit card companies are always looking for ways to attract new cardholders. Every year we see them launch new credit cards or add benefits to their credit card. So what should we expect in 2023? Here are the most exciting new credit card perks that may be on the way.

1. Higher Reward Rates

Credit card rewards rates have increased over the years. 5-10 years ago, cards that earned an unlimited 2% return were rare. Nowadays, there are several cash back credit cards offer as much. And in the past, cards with bonus categories almost always gained 1% outside of those categories. You can now find cards that have bonus categories and earn 1.5% to 2% on non-bonus spending.

Expect rewards rates to increase further in 2023. It’s possible we could see more bonus categories, or maybe even a card offering unlimited 2.25% or 2.5% cashback. Interest rate has increased significantly this year. This will likely result in increased profits for card issuers and more money they can spend on benefits like rewards.

2. Daily ways to redeem rewards

Most major rewards programs have traditionally revolved around travel redemptions. There were other options available, such as cash back. But you’ll get the most out of your points if you use them for travel.

That changed during the pandemic. Card issuers have started to offer more flexibility in their repayment options. Most notably, Chase launched its Pay Yourself Back program, allowing you to redeem points for certain types of everyday purchases.

Chase has continued to offer Pay Yourself Back ever since, even now that people are traveling again. It looks like the program will continue until 2023, and it wouldn’t be surprising to see more card issuers offering their own variations.

3. More airport lounges

Many frequent travelers like airport lounge access, a common benefit on premium travel cards. Until now, most card issuers have offered free memberships to lounge programs or airlines. The main exception is American Express, which offers its own Centurion Lounges.

However, more and more card issuers are following suit. Chase and Capital One open airport lounges of their own. Chase has confirmed nine lounges, including one at the newly opened Hong Kong airport. Capital One has an open lounge at the Dallas-Fort Worth airport, and two more are on the way. More lounge options are always welcome, especially since travelers have been dealing with crowded airport lounges lately.

4. Benefits of luxury hotels and resorts

This benefit is already available, but soon there will be another card issuer offering it. American Express and Chase have platforms of luxury hotels and resorts with exclusive perks. These booking platforms are available to those who have selected premium travel credit cards from these card issuers.

Capital One is preparing to join the competition by launching its own Premier Collection. It will be available to Capital One Venture X Rewards credit cardholders and will offer premium benefits with luxury hotels and resorts. If you want go big on your next tripthese hotel and resort platforms can be a great way to do that, while also receiving additional benefits through your travel card.

5. New bonus offers

If there’s one thing you can always count on from credit card companies, it’s new bonus offers. There are usually several credit cards each year with increased sign-up bonuses, offering more cash back or points than usual. And when new cards are released, they often start with big bonuses to make a splash.

The thing to remember about these bonuses is that there is no guarantee of duration. Card issuers often only execute their best sign up bonuses for a limited time, then lower them after a few months. If you see a bonus you like, claim the card as soon as possible to take advantage of it.

Some of these benefits, like more airport lounges and perks at luxury hotels, are already confirmed. Others are not guaranteed, but are reasonable predictions based on what card issuers have done in the past. We can’t be completely sure what will happen with credit cards in 2023, but there are likely to be many exciting developments.

The best credit card waives interest until 2024

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% for up to 21 months! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.