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Credit Cards Still Seek Affluent Customers

Think of your mailbox before the Great Recession. You got bills, grocery store circulars, invitations and magazines, but crowding them all out, we bet, were credit card offers.

Think of your mailbox before the Great Recession. You got bills, grocery store circulars, invitations and magazines, but crowding them all out, we bet, were credit card offers.

Credit card issuers mailed five to seven billion offers a year from 2004 to 2007, according to Mintel Comperemedia, which tracks such things.

But when the economy tanked, default rates soared and billion-dollar losses caused banks to become much stingier with new cards.

After hearing that only 2 billion offers went out last year, we wondered who was still on the mailing list.

The answer, it turns out, is older adults with lots of money and good credit.

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