Lenders only increasing credit card offers to wealthier consumers
Some of the nation’s largest credit card lenders – including Bank of America, Citigroup and JPMorgan Chase – have recently begun sending very favorable rewards card offers to wealthy consumers with excellent credit scores, according to a report from the Financial Times. These include more favorable cash back rewards and increased bonus airline miles.
“In the 20 years we’ve been tracking this, we’ve never come across such good offers,” Anuj Shahani, who monitors credit card activity for research firm Synovate, told the news source.
Most lenders may want to target the wealthy because they are more likely to make purchases using their credit cards and because they also have the financial means to pay their bills every month. Recently, consumers with lower credit scores and incomes have shied away from using these accounts to make everyday purchases.