MCLEAN, Va.—Capital One has made a move that signals there may be an end in sight to the pandemic-driven economic slowdown, according to at least one analysis.
The major card network has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit card business, according to Bloomberg. Increases are being offered to existing customers with both prime and subprime credit scores.
As CUToday.info has reported, major card issuers cut back credit lines, slowed down markedly on new card issuance, and tightened lending standards overall as the health crisis hit the nation last year.
“The company continues to hand out smaller credit lines to new customers,” Bloomberg noted. “Capital One, the third-largest U.S. credit card issuer, was among the first banks to cut borrowing limits last year as jobless claims mounted amid the COVID-19 crisis.”