As we settle into 2017, Small Business Card Monitor looks back at the year before, focusing on redesigns and new tools that give a sense of the state of the small business card sector. While such a narrow coverage group typically limits new products, firms do continue to innovate in certain areas. In our most recent Small Business Card Monitor Report, Industry Overview, we recap these key aspects of 2016’s small business card landscape, previewed below:
2016’s Top Redesigns, Product Introductions and Rebrandings, and Enhanced Security Measures
Wells Fargo stands out for its public and private site designs this past year. In August, the firm revamped the private site interface with a new color scheme, large font styles, responsive design, new navigation and reorganized overview pages. Later in the year, Wells Fargo also updated the small business credit card product pages with new images and a different informational layout.
CitiBusiness was the only firm in the Small Business Monitor coverage group to introduce an entirely new card product to its offerings in 2016. The Costco Anywhere Visa Business card offers no annual fee when card holders have a paid Costco membership and cash back for purchases at Costco. American Express, Bank of America and Chase also introduced cards in 2016; however, these additions were all either rebranded versions of existing cards or replacements of similar products with few noticeable changes to card fees, offers or benefits.
Security emerged as a trend in 2016, with four firms debuting additional security features. Bank of America added a Security Tips tab to the private site Security Center, Capital One introduced a functionality through which card holders can request a PIN for cash advances, Discover added a private Security Center page, and U.S. Bank rolled out three Security Alerts for Advanced Security Changes.
For more information on this month’s Small Business Card Report, please view the monthly report slide deck here.