What role do technology and fintech innovations play in shaping the market for lower interest rate credit cards?

Technology and fintech innovations have played a significant role in shaping the market for lower interest rate credit cards. With the advent of online banking and digital payment systems, credit card issuers can reach a wider audience and offer more competitive rates to consumers. Fintech companies, in particular, have disrupted the traditional credit card industry by offering lower rates and more flexible repayment options.

Fintech companies also leverage technology to create personalized credit scoring models that take into account a broader range of data points beyond traditional credit scores. This allows them to offer credit cards to consumers who may have been denied credit in the past due to a lack of credit history or other factors. Additionally, fintech companies are often able to offer lower rates by operating with lower overhead costs compared to traditional banks and credit card issuers.

Overall, technology and fintech innovations have made it easier for consumers to compare and access lower interest rate credit cards, while also putting pressure on traditional banks and credit card issuers to offer more competitive rates.