NEW YORK—Credit card applications rose this year as Americans address higher daily expenses due to high inflation.
Citing a New York Federal Reserve Bank survey, Fox Business reported the application rate for credit cards hit 27.1% in October, above last year's level of 26.5% and the pre-pandemic reading of 26.3%. In 2022, the typical application rate for credit cards was 26.7%, about 3.6 percentage points higher than last year, Fox Business added.
Application rates rose for Americans with credit scores over 760 and fell for those with a score under 680.
“The rise in credit card applications is somewhat concerning, because interest rates are astronomically high right now,” Fox Business added in its analysis.
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