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  • Frank Tian

Card Players Jockey for Position

💳 With credit card balances surging back, lenders continue to jockey for positions in the competitive field. 🏇

📌 Wells Fargo launches co-brand credit card with Choice Hotels.

Card has long been identified as an opportunity with Wells’ huge customer base and relatively small card portfolio.

With historical regulatory baggage offloaded (hopefully), the stagecoach continues its race in the cardland. Having a partner in the fast rebounding travel category definitely helps.

📌 Goldman Sachs drops the plan of direct-to-consumer cards

As Goldman pivots away from its ambitious retail banking plan, it makes sense to give up the direct-to-consumer credit cards.

Building from scratch and appealing to the masses are never easy. Sticking to wealth/corporate clients is the best way to leverage the prestigious brand.

📌 Laurentian Bank of Canada launches new cards with Brim.

When it comes to tech, you don’t need to build everything yourself. The 7th largest Canadian bank partners with Brim Financial to launch a suite of credit cards.

Traditional banks and fintechs continue to find many ways to collaborate. The disintegrated finance is being reintegrated via such partnerships.

📌 Revolut launches credit card in Ireland.

You don’t call yourself a superapp without the important card function. The aspiring fintech continues to roll out products globally, while preparing to open its 2021 book soon.

As the higher rate reminds everyone of the profitability mandate, many fintechs launch lending products including credit cards. After all, loans are assets in the banking book.

💳 Credit cards have evolved with multiple features to withstand the current high rate environment. In the US, the card balance has recouped all the loss during the pandemic - back to almost $1 trillion now.

With modern technology, it is easier to launch cards with various partners in issuing and servicing, card networks, banking, decisioning, data and analytics.

Are you joining the card game?

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