New statistics from Mintel Comperemedia revealed that the number of offers for new credit card accounts mailed by the nation’s top lenders ballooned to more than 1.4 billion, an increase of 69 percent over the 826 million sent out in the same quarter last year, according to the Wall Street Journal. Nearly two-thirds of those offers were sent to households with an annual income of more than $75,000, and 59 percent of all offers included some kind of incentive.
“As people think about risk, credit cards are an area where they feel comfortable building up their portfolios,” Jud Linville of Citigroup’s huge $110 billion credit card business, told the newspaper.
However, credit card offerings still haven’t rebounded from the levels observed before the recession set in, the report said. In the fourth quarter of 2007, lenders sent out 1.8 billion offers for new accounts.
Many of the nation’s top issuers scaled back their offerings significantly during the recession, as increases in defaults and delinquencies caused them to increase their lending standards so that even many reliable borrowers were no longer able to obtain a new account.
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