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American Banker: Credit card demand rises as pandemic boost to consumers’ wallets wanes

American Banker, November 21, 2022, Credit card demand rises as pandemic boost to consumers’ wallets wanes

Consumer demand for credit cards is on the rise — and lenders’ rejection rates are down — even as the mortgage and auto lending sectors show signs of retrenchment. The percentage of U.S. consumers who said they applied for a new credit card over the previous 12 months rose to 26.7% this year, up 3.6 percentage points from 2021, according to survey results released Monday by the Federal Reserve Bank of New York.

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