The Federal Reserve said total consumer credit rose by 10% in May. And lenders issued roughly 6 million new credit cards in March, according to Equifax.
Cards that once lured in customers with travel perks are now focusing on spending that’s closer to home during the pandemic.
Many credit card companies are launching new cards to capitalize on shifting consumer spending.
The popular travel card is getting more expensive. But the bank is betting that new perks, designed to appeal to younger consumers, will make users stay on board.
American Express recently reported quarterly earnings, showing that its single-biggest expense was credit card rewards.