At the beginning of last year, credit cards' return on assets (ROA) was set to turn around—but when the pandemic hit in March 2020 and curbed appetite for debt, credit card spending plunged and account openings came to a dead halt, leaving issuers in the lurch.
The rest of the year was defined by attempts to retain customers, recover spending, and mitigate risk. Now, the industry is focused on its future and how innovation can enable recovery.
In “Credit Cards’ Pandemic Response,” we examine to what extent the pandemic halted credit card transaction volume growth, and touch on what the next steps will be as reopening progresses.
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