The credit card issuer space has been heavily impacted by the pandemic with customer attrition rates falling to record lows. The American Banker writes that across the industry, outstanding balances fell to $820 billion in the fourth quarter of 2020, down from $930 billion a year earlier, as more consumers have paid down their debts and card issuers have become more selective about approving new customers. However, with the vaccine rollout underway and traveling expected to resume, industry observers are confident about a turnaround with card issuers looking to incentivize consumers with new travel and cash back reward programs.

Click here to read more.