Have you received many credit card offers in your mail since the start of the year? If so, you’re not alone, especially if you belong to an affluent household earning more than $75,000 a year.
According to Mintel Comperemedia, 1.4 billion credit card offers were mailed out to American consumers in the first quarter of the year, compared to 826 million the year before. That was nearly a 70% increase compared to a year ago, and was the closest it had ever been to the peak of 1.8 billion credit card offers mailed out during the fourth quarter of 2007.
Almost 60% of the new credit card offers sent out during the first 3 months of this year came with a signing bonus, compared to 30% in 2007, and some signing bonuses have increased by more than 100% from their previous offers, which made these credit cards more attractive by offering amazing deals that consumers found hard to resist.
To vie for more customers, banks have become a lot less picky and have lowered their standards by about 20%, according to the Federal Reserve’s latest survey. Even though the best credit card offers are for people who have good to excellent credit score, it is also a lot easier for people with lower credit scores to get a credit card than it was before.
Below is one of the best credit cards that has recently increased its bonus offer:
Chase Sapphire Preferred Card, issued by JPMorgan Chase (NYSE:JPM). With this card you will earn 40,000 bonus points after spending $3,000 in the first 3 months. These 40,000 points are almost twice as much as the old promotion, and are worth up to $500 in travel credit. Earn 5,000 bonus points after making a first purchase and adding an authorized user to your account within the first 3 months of card membership. You will earn 10 points for every dollar spent shopping through Chase’s Ultimate Rewards Mall, 2 points per dollar spent at restaurants and on airline tickets bought through their online mall, and 1 point for every dollar spent on any other purchases you make. No foreign transaction fee. $95 annual fee waived the first year. Read our review of Chase Sapphire Preferred Card.