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Banks see spike in credit card applications as Covid-19 restrictions taper off

MORE people are heading to banks to get their hands on credit cards amid a confluence of factors relating to the easing of Covid-19 measures such as travel restrictions, banks polled by The Business Times said.

Jacquelyn Tan, head of group personal financial services at UOB, said that the bank has recorded a 44 per cent year-on-year increase in credit card applications for the first quarter of 2022.

Typically, UOB's "new-to-card customers" constitute anywhere from 40 to 50 per cent of applications. In Q1, such customers made up 55 per cent, said Tan. These customers might include those that have recently secured new jobs, or customers that have switched from debit cards to credit cards.

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