Life is good for credit card issuers, but worsening economic conditions could endanger their $160 billion revenue stream. They must act decisively to ensure they’re still meeting consumers’ changing needs.
In the face of recession warning signs, credit card issuers must be ready to shift their strategies to protect a payments industry cash cow. This means planning for consumer weakness in unexpected places; facing down buy now, pay later (BNPL) threats; and making tough program-specific decisions.
Key Question: What are the short- and long-term challenges for general-purpose credit cards, and what do they mean for issuers?
KEY STAT: We expect US credit card spending to reach nearly $2.837 trillion in 2022, delivering more than $160 billion in revenues to issuers—which a recession would put in jeopardy.
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Recession Threatens to Rain on Card Issuers’ Parade
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