Banks spend big to increase credit card enrollment, combat recession fears

Inflation is at the highest level in four decadesand recession can be near. Credit card issuers don’t worry: They’re actively attracting new customers and trying to grow credit card balances.

Marketing costs increase at large issuers, including American Express Capital One Financial and Explore financial services. New credit card account openings are on the rise. Offers promoting 0% interest on purchases and transfers, which fell after the Federal Reserve began raising rates in March, are on the rise again.

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