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BI Intelligence
The average US consumer holds about three nonretail credit cards with a balance over $6,000, according to Experian. As confidence rises, spending is hitting prerecession levels. For banks, that should be a good thing, since credit cards are profitable. But the push to attract a particularly interested and engaged customer base through sign-up bonuses and lucrative rewards offerings has led banks into a rat race, with surging expenses and rising delinquencies that are hurting returns.
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See Also:
- Almost half of US retailers will drop the signature requirement
- Chase's new Chase Offers feature lets cardholders access personalized deals
- Visa is taking a minority stake in India-based BillDesk
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