New Credit Card Openings Drop as Banks Target Higher-Income Consumers

Banks are favoring big spenders as credit tightens

Banks are getting choosier about who gets a credit card, The Wall Street Journal writes.  New data from major lenders shows credit-card approvals fell 5% in the second quarter, with banks tightening standards for riskier borrowers amid economic uncertainty. Yet the picture looks quite different for affluent customers.  Lenders like JPMorgan Chase, Citigroup and American Express are doubling down on premium cards, targeting high spenders who are …

New Credit Card Openings Drop as Banks Target Higher-Income Consumers

Banks are reportedly increasing their efforts to promote credit cards to higher-income consumers while raising the qualification requirements for lower-income ones. [contact-form-7] Overall, the number of new credit card openings dropped for the first time in more than a year in the second quarter, The Wall Street Journal (WSJ) reported Friday (July 25). Compared to the same quarter a year earlier, the number is down 5%, according to th…