There is much to take away from the CFPB review of the credit card market. In 2024, purchase volume increased to $3.6 trillion, and annual growth in credit card spending was about 5%.

With rising medical costs and changing customer preferences reshaping how credit cards are used, BoB Card is moving away from one-size-fits-all offerings towards cohort-specific products.

When you request a credit limit increase, your issuer immediately reviews your risk profile. That review can raise your available credit, lower your utilization, and improve your score. Or it can do nothing at all. The difference comes down to timing, balances, and recent activity.

Patriot Bank is the issuer for Mercury’s business credit card, which offers cardholders the ability to earn 1.5% cash back on purchases they make with the card. But pending approval of its applications, Mercury may move to issue credit cards on its own, which would set the company up to have more control over underwriting and pricing decisions.

For example, the Prime Rate is currently 6.75%. There’s nothing preventing a card issuer from tweaking a new customer offer from Prime Rate + 13% up to Prime Rate + 13.25% if it wishes to mitigate the impact of a Fed rate cut and make more money from interest charges.

Learn about the Credit Card Accountability Act, which safeguards users from abusive credit card practices, reduces fees, and improves transparency in the financial world.