Israel Credit Cards Companies (2024 - 2029)

Israel Credit Cards Market Companies Summary

The credit card market in Israel is characterized by a mix of domestic and international players, leading to a highly competitive landscape. Major financial institutions vie for market share and customer loyalty, offering a range of credit card services. These firms leverage their established banking relationships and infrastructure to provide these services. The competition revolves around factors such as interest rates, fees, rewards programs, customer service, security features, and innovative digital capabilities. To attract and retain customers in this competitive landscape, these credit card providers continuously introduce new card offerings, promotional campaigns, and enhancements. In the wake of the COVID-19 pandemic, there was a surge in contactless payments to minimize physical contact and reduce the risk of virus transmission. Many credit card issuers and merchants encouraged contactless payments to promote hygiene and safety. This shift included tapping credit cards on terminals or using mobile payment apps linked to credit cards. The economic impact of the pandemic resulted in financial hardships for individuals and businesses. In response, credit card issuers in Israel introduced payment deferrals, extended payment terms, and waived late payment fees to support customers.