Banks See Opportunity to Attract New Customers in the Face of Adversity
Undaunted by inflation and recession risk, credit-card issuers have allocated more funds to marketing and promotional expenses, have attracted new customers and are hoping to see increases in account balances. Three of the largest card issuers have also reported record levels of consumer purchases, with JPMorgan Chase purchases up 33% in Q2 2022 over Q4 of 2019.