About 2023

2023 went by pretty quickly. There were not many major changes in credit card applications; issuers mostly made small tweaks here and there, while expanding into adjacent areas a bit. Airlines and hotels became even more integrated, and redemptions largely moved to dynamic pricing. Earning also became more closely tied to spending. In short, the industry kept moving further toward revenue-based models, and the sweet spots people could find became fewer and fewer. Overall, things have become more mediocre, and the gap between advanced players and casual players may be getting smaller and smaller.

In 2023, our blog US Credit Card 101 also published or updated more than 800 articles, averaging 2-3 updates per day. We hope we were able to bring everyone the fastest and most detailed analysis possible. We also wish everyone in 2024 can get more cards and enjoy more high-quality travel~

News

The Federal Reserve sharply raised deposit rates, which led to a series of changes. Some banks failed as a result, while most savings accounts and wealth management products offered much higher yields.

With the pandemic “over,” travel and exchanges between China and the U.S. have been gradually recovering. Traveling on a Chinese passport has also become more convenient.

Data breaches have also become more and more common... Everyone still needs to protect their personal information. If you are affected, there is usually a class action lawsuit and corresponding compensation, so remember to claim it. We will also continue to share relevant information promptly.

The rules for using U.S. credit cards in mainland China have also become clearer, and openness has improved somewhat.

Airlines and Hotels

Alaska Airlines finally started making adjustments too, but fortunately it still uses an award chart, and mileage earning is still based on flight distance.

More and more airlines are focusing on revenue! Quiet devaluations have also kept happening.

The status match battle to attract customers heated up! First, some airlines became too revenue-focused, so other airlines quietly started poaching their customers. Second, after the pandemic, airlines around the world have been recovering, but consumer spending has traded down, so some smaller airlines began launching promotions where you can spend money to get elite status.

Everyone started competing in the premium hotel and airport lounge space, launching their own hotel booking platforms one after another. That puts even more pressure on AMEX.

There was also no shortage of merger news among hotels and airlines. Hopefully integration will lead to better service.

Credit Cards

The biggest pleasant surprise this year was probably the Bilt card. It has established itself and keeps adding new benefits, with more continuing into the new year.

Chase has rolled out another round of Pay Yourself Back redemptions, which is helpful for those who don’t need travel right now and would rather get cash value instead~! That said, compared side by side, the most worthwhile uses are really the Aeroplan co-branded card and the Chase CSP/CSR categories; the others are fairly average.

AMEX has been getting worse and worse in my opinion, with referral restrictions piled on top of referral restrictions. The family card rules have also become more restrictive: if you’ve applied for the higher-annual-fee version before, you may no longer be eligible for a welcome bonus on the lower-fee version.

There were also quite a few new card launches. Honestly, aside from the new cards issued after switching to a new issuer, my overall impression is that cards are getting more and more aligned with everyday spending.

Credit Card Changes

Looking Ahead

Summary

That’s my recap of 2023. I don’t think I wrote one every year before, but hopefully there will be even more worth documenting in 2024.

If there was anything from 2023 that stood out to you, feel free to share it in the comments~