5 Exciting Credit Card Perks to Expect in 2023

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  • 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 some big bonus offers next year.

Credit cards could get more valuable 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 current credit cards. So, what should we expect to see in 2023? Here are the most exciting new credit card perks that could be on the way.

1. Higher rewards rates

Rewards rates on credit cards have been increasing over the years. Five to 10 years ago, cards that earned an unlimited 2% back were rare. Nowadays, there are multiple cash back credit cards offering that much. And in the past, cards with bonus categories almost always earned 1% back 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 get even higher in 2023. It's possible we could see more bonus categories, or maybe even a card offering an unlimited 2.25% or 2.5% back. Interest rates went up quite a bit this year. That will likely lead to increased profits for card issuers, and more money they can put toward benefits like rewards.

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2. Everyday ways to redeem rewards

Most major rewards programs have traditionally revolved around travel redemptions. There were other options available, like cash back. But you'd get the most value for your points if you used them for travel.

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

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

3. More airport lounges

Many frequent flyers love airport lounge access, a common perk on premium travel cards. So far, most card issuers have offered complimentary memberships with lounge programs or airlines. The main exception is American Express, which offers its own Centurion Lounges.

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

4. Luxury hotel and resort benefits

This benefit is already available, but there will soon be another card issuer offering it. American Express and Chase have luxury hotel and resort platforms with exclusive benefits. These booking platforms are available to those with select, high-end travel credit cards with those card issuers.

Capital One is about to join the competition by launching its own Premier Collection. It will be available to cardholders of the Capital One Venture X Rewards Credit Card and offer premium benefits with luxury hotels and resorts. If you want to go big on your next trip, these hotel and resort platforms can be a great way to do that -- while getting extra benefits from 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 every year with increased sign-up bonuses, offering more cash back or points than usual. And when new cards are launched, they often start out with big bonuses to make a splash.

The thing to remember about these bonuses is that there's no guarantee how long they'll last. Card issuers often only run their best sign-up bonuses for a limited time, and then lower them after a few months. If you see a bonus you like, apply for the card as soon as you can to take advantage.

Some of these perks, like more airport lounges and luxury hotel benefits, are already confirmed. Others aren't guaranteed, but they're 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 will likely be plenty of exciting developments.

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