Flurry of Credit Cards for Affluent People, Small Businesses Launched

A wave of new credit cards being introduced in late August demonstrates that issuers are still finding opportunities among well-to-do consumers, despite recent economic upheaval. Among those announced: a new American Express co-branded card with Mercedes-Benz; upgrades to Chase's premier upscale rewards card, Chase Sapphire Preferred; and a new Capital One cash-back card aimed at business owners. During the economic downturn of the past several years, card offers directed at low- and middle-income Americans declined. But even with recent stock market fluctuations and concerns about consumer spending, August's swift pace of card launches suggests that issuers are continuing to seek out well-off spenders. "To card companies, they're still very attractive cardholders, especially in this cautious credit-issuing market," says Ken Paterson, vice president of research operations for Mercator Advisory Group. "But there's not an unlimited or quickly growing supply of those people out there."

CreditCards.com (08/26/11) Mecia, Tony