Evolving consumer needs continue to drive card offers. John Cabell, Director of Banking and Payments Intelligence at J.D. Power lends his expertise about credit cards and the impact of COVID-19 in an article by The Balance.
Instead of maintaining the status quo, card issuers have used the past several months to appeal to what cardholders are using cards for today, such as buying groceries and stockpiling rewards to use for postponed vacations. Some of the brand new card launches also speak to those who have become most vulnerable this year, according to John Cabell, Director of Banking and Payments Intelligence for J.D. Power.
“We know that people who are on the lower income band typically have more credit challenges, but they are also the ones who have been more impacted by the pandemic, so there need to be products to meet their needs,” he said in a phone call with The Balance. “The launches that we have seen have been centered around realigning the products with changing consumer spending patterns.”
Read the full article here on The Balance
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