Around this time last year, we did the best we could to speculate about what might take place with credit card rewards in the year 2022.

In the subsequent 12 months, to say that "a lot has transpired" would be an understatement.

This past year has been quite eventful, with the introduction of several new credit cards, significant changes to several others, and the development of a growing number of new and updated partnerships between credit card companies and traditional companies that did not participate in the market for credit cards.

Let's take a look at our previous forecasts to see which ones turned out to be accurate as 2022 draws to a close and 2023 draws closer.

The market for premium credit cards is saturated with intense competition.

Our initial forecast didn't involve much of a gamble at all. Since many years ago, premium credit cards have been engaged in fierce competition for clients and market share. Since the introduction of the Capital One Venture X Rewards Credit Card, which was designed to compete with established favourites such as The Platinum Card® from American Express and the Chase Sapphire Reserve, this trend has only been more pronounced.

It turned out that our assumption that these cards will engage in a fiercer level of competitiveness was correct.

Within the scope of this forecast, we hypothesised that the Platinum Card would be subject to ongoing updates and announcements.

The prophecy was realised through the implementation of updates such as an expansion of which services are eligible for the monthly digital entertainment credits, updates to the benefits that are included in the Walmart+ monthly benefit, and news regarding the loosening of restrictions on the Equinox benefits.

Thankfully, the already astonishing $695 annual cost for the card was not raised to reflect these upgrades to the perks, which came about (see rates and fees).

Additionally, we noticed that the Marriott Bonvoy Gold Elite temporary status was available to Sapphire Reserve cardholders for a limited time; however, the enrollment period for this perk has since ended. In addition, several new changes about partnerships were included in this card (more on that later).

Cardholders of the Venture X credit card received two advantages, the first of which was the unveiling of the Premier Collection, and the second was admission to the Plaza Premium Club.

The former makes it easier for Venture X to continue to compete with premium credit cards like the Sapphire Reserve and the Amex Platinum, both of which provide benefits at luxury hotels. And although Venture X cardholders did receive access to new lounges in 2022 (with more to come in 2023 — more information on that can be found below), beginning in 2023 they will no longer have access to other components of Priority Pass that are not related to lounges.

Related: a comparison of the premium hotel rewards programmes offered by American Express, Chase, and Capital One credit card companies

Another facet of premium credit cards became more active in September when significant revisions were made to the array of credit cards offered by Marriott.

This included the complimentary elite status offered by the Marriott Bonvoy Brilliant® American Express® Card moving up from Gold Elite to Platinum Elite, cardholders receiving an additional 10 elite night credits each year, more value in the free night award, and a significant increase in the card's annual fee. Additionally, the Marriott Bonvoy Brilliant® American Express® Card jumped from Gold Elite to Platinum Elite. It increased by $250 to reach a total of $500. (see rates and fees).

It would be helpful if there were more airports with credit card lounges.

The level of competition in the space occupied by credit card lounges is undeniably rising, and that trend continued in 2022. Despite this, a number of the anticipated lounge openings have been put back until the year 2023.

The first Capital One lounge was established in 2021 at the Dallas-Fort Worth Airport (DFW), and it was anticipated that other Capital One lounges would be established in 2022 at the airports in Denver (DEN) and Washington Dulles (IAD). The regrettable truth is that they did not occur.

On the bright side, however, we learned that Las Vegas (LAS) is going to get a lounge shortly; nevertheless, there is no opening date scheduled for the club at this moment.

Additionally, Chase has made progress with its Sapphire lounges. In October, the first Sapphire lounge ever opened its doors in Hong Kong (HKG), and we have since discovered that further lounges are in the works.

Boston Logan International Airport (BOS), Las Vegas Harry Reid International Airport (LAS), New York LaGuardia Airport (LGA), Philadelphia International Airport (PHL), Phoenix Sky Harbor International Airport (PHX), San Diego International Airport (SAN), and Washington Dulles International Airport are some of the airports that are currently under consideration for expansion (IAD).

Related: How credit card companies are vying for your business at airport lounges, so you can have a drink before your flight

In addition to that, we witnessed a fresh approach to airport lounges with the introduction of Capital One Landings. These culinary-focused establishments, which are planned for New York-LaGuardia (LGA) and Washington-Reagan (DCA), would provide tapas in the style of Spain in a sophisticated atmosphere. However, anticipated opening dates are not yet available at this time.

There are further credit cards with annual fees ranging from $100 to $400:

Around this time last year, we were given a glimpse into the future when we learned that the United Quest Card will be released in 2021 with an annual charge of $250. We hypothesised that credit card issuers would move away from the three standard categories of annual fees, which are no annual cost, a price between $100 and $400, and a fee of more than $400.

This came to pass on September 22, 2022, when it was announced that Marriott will be releasing two new credit cards. The Marriott Bonvoy Bountiful Card from Chase and the Marriott Bonvoy BevyTM American Express® Card are two examples of these cards.

Both credit cards have launched with the same welcome bonus, the same Marriott Bonvoy Gold Elite status, the same offer of 1,000 bonus points on each paid stay with Marriott, the same offer of 1,000 bonus points on each paid stay with Starwood, the same earning structures, the same benefits, and the same perks that are available from spending money. In addition, the yearly cost for each one of them is the same: $250. (See rates and fees for the Bevy card).

Related: A fight to the finish between the Marriott Bonvoy Bevy and the Marriott Bonvoy Bountiful credit cards

More leeway with the awarding of points: Only partially right

During the year 2021, this sector had both good and bad developments. There were additional options available for how you might utilise your points, including the method of utilising them as well as the partners with whom you may use them.

However, we also witnessed unfavourable shifts, which resulted in the departure of several partners and the reduction in the value of transfers made to a select few partners.

Chase's Pay Yourself Back programme has continued to develop new ways for customers to apply their Ultimate Rewards points. The termination dates for this programme have been extended more than once, and the most recent categories are scheduled to wind down on December 31, 2022.

Is it possible that this initiative will continue beyond 2023? At this moment in time, we do not possess any information on Pay Yourself Back categories for the following calendar year.

In 2022, Capital One miles became compatible with two new transfer partners: Virgin Red and Choice Privileges, which is the loyalty programme offered by Choice Hotels. These new transfer options were available in January.

In addition, Bilt Rewards was able to acquire numerous new partners. These include transfers at a ratio of 1:1 to Iberia Plus, United MileagePlus, British Airways Executive Club, Cathay Pacific Asia Miles, and Aer Lingus AerClub.

InterMiles and Malaysia Airlines Enrich are two of the transfer partners that Citi ThankYou Rewards no longer has as a result of this year's events. As a result of the fact that they were not the most lucrative transfer partners, it is possible that you have not seen or felt the impacts of this move.

Even if the transfer partners are still available, the transfer rates between Marriott Bonvoy and four other airline loyalty programmes have been reduced.

In case you were unaware, you can use your Marriott points to book flights on any one of hundreds of different airlines. The majority of transfers take place at a ratio of 3:1, and customers who transfer 60,000 points earn an additional incentive of 5,000 frequent flyer miles (meaning you would receive 25,000 frequent flyer miles in the end).

This incentive of 5,000 miles for transferring to American Airlines AAdvantage, Avianca LifeMiles, Delta SkyMiles, or Korean Air SkyPass is no longer available.

Additionally, we noticed new applications for points and miles. The opportunity to redeem points for Emirates flights was made available to Aeroplan members, and multiple reward tables detailing the various ways Alaska miles might be used were made public.

The opportunity to redeem miles for flights on Air Tahiti Nui, El Al, and Iberia (even if those options are now unavailable), Malaysia Airlines, Ravn Alaska, Royal Air Maroc, Royal Jordanian, and Sri Lankan Air are some of these options.

More customization of the cards, as well as a reduction in the amount of churning:

At the close of the previous year, we made the prognostication that credit card issuers will keep employing Artificial Intelligence (AI) to better customise the experience of using credit cards.

According to our projections, this would be accomplished by tailoring the incentives offered to the individual user and deterring users who apply for a card, get the welcome bonus, and then cease spending on the card after receiving the bonus.

In this particular respect, both of these forecasts were spot on.

This was demonstrated to us through the use of specialised promotions throughout the year. Numerous clients were able to view targeted offers that were made accessible through CardMatch. These offers offered tens of thousands of bonus points in addition to the welcome bonus that was made available to the general public on these credit cards.

Related: How to utilise the CardMatch tool to receive better welcome offers when applying for credit cards.

Throughout the year, we saw targeted offers from readers who emailed us to inform us about welcome bonuses they'd gotten in the mail, via e-mail, or when they logged into their current credit card accounts. We also saw targeted offers from advertisers who contacted us directly.

Another prevalent aspect of offers was the inclusion of upgrade opportunities. For example, a financial institution can provide you with a welcome bonus if you switch from a credit card with no annual charge to one that has more premium features.

This continued throughout the year, and because these offers are targeted, not all consumers are given the same incentive. This resulted in a variety of bonus options being made accessible to clients.

In addition, we saw a continuing trend toward the personalization of the experience of using credit cards using specific advantages.

Members of the Amex Platinum card were given an expansion in how they could spend their monthly streaming credits, while the American Express® Gold Card offered an increase in how cardholders could use their monthly dining credits.

Credit card issuers can provide customers with a benefit that may be utilised in whichever manner the consumer sees fit thanks to the flexibility provided by the option to pick how these credits are applied. Take note that to qualify for any of these perks, you will need to enrol in advance.

Additionally, we saw financial institutions continuing to advise consumers against opening a credit card account just to claim the sign-up bonus, after which they either cut up the card or stop using it.

American Express kept using its eligibility pop-up tool and also began rolling out the "Apply with confidence" tool. Both of these tools are available on their websites. People who do not currently have an American Express card are the only ones who are eligible to utilise this service since it enables them to check their eligibility for an American Express card without triggering a hard query on their credit reports.

Another illustration of this may be seen in the limitations placed on the types of credit card bonuses that can be earned. Both the Amex Marriott Bonvoy Bevy and the Chase Marriott Bonvoy Bountiful credit cards were released at the same time, and both of them came with cross-bank limitations that limited who might be eligible for the benefits associated with these cards.

The Marriott credit cards you've had in the past as well as the ones you have now were taken into consideration when determining whether or not you were eligible for the welcome bonus. Because of the potential for these regulations to be confusing, you will need to consult a whole chart to determine whether or not you are eligible for a Marriott bonus.

More bonuses for credit cards that are related to certain brands: Correct

 Financial institutions have continued to broaden their collaborations with firms that do not issue credit cards.

Capital One has announced extra earnings with Turo for certain cardmembers and has established bonus earning rates for Uber and Uber Eats for certain cash-back credit cards.

Chase, on the other hand, provides the most glaring illustration of our claim. This credit card issuer has extended its agreement with DoorDash until the year 2024, extended the period during which bonus rewards may be earned on Lyft trips through March 2025, and introduced Lyft Pink All Access for cardholders of the Sapphire Reserve.

In addition, Chase entered into a partnership with Instacart and began providing eligible cardholders with spending credits and complimentary Instacart+ memberships. Chase also became the first financial institution to issue a credit card specifically designed for grocery delivery enthusiasts when it introduced the Instacart Mastercard.

Bottom line

The majority of the forecasts that we made for the year 2022 came true, although we did have some predictions that were only partially accurate – as well as some surprises.

This year, credit card issuers were quite active, as seen by the introduction of new cards, new alliances, and extensive rebranding of current credit card product lines. It needed... well, a full-time job for multiple individuals to keep track of everything that was going on.

What can we expect from the year 2023? Have a look at our forecasts for the upcoming year to get an idea of what we believe the future holds for the world of credit cards.

Please go here to view the Amex Platinum Card's relevant rates and fees.
Please go here to view the Amex Marriott Bonvoy Brilliant's pricing and charge schedule.
Click this link to view the Amex Marriott Bonvoy Bevy's pricing and fee information.