How to Answer: What do you know about credit card services and how market conditions impact our business?
Advice and answer examples written specifically for a MasterCard job interview.
23. What do you know about credit card services and how market conditions impact our business?
What You Need to Know
If you are already familiar with the credit card services industry, the interviewer will expect a response that reflects your work experience and insight. Discuss recent market conditions and how those conditions impact the credit card services business. If you are new to the financial services industry, give an educated guess.
Written by Kevin Downey on June 7th, 2022
1st Answer Example
"From what I have learned in my years of working in credit card services, the credit market becomes stronger when market conditions are weaker. Higher unemployment rates and lower-income often mean a rise in credit card balances, more borrowers, higher interest rates, and more accounts in arrears.
Case in point, today, more people than ever have credit cards. In the USA alone, nearly 200 million people have credit card balances. Recently we have seen an increase in subprime borrowers, those with credit scores from 580 to 669. This number is a 4%+ increase from last year."
Written by Kevin Downey on June 7th, 2022
2nd Answer Example
"I have been reading more about the credit card services industry since applying to this position. I have learned that the credit market continues gaining strength. Consumer balances have continued to increase, and delinquency rates have remained constant."
Written by Rachelle Enns on June 7th, 2022