Doing some research on the credit card industry. Trying to see how economic factors and not just card/transfer rates impact how many people apply for cards, based on inflation, defaulting on loans and mortgages, etc. Overall economic impact.
Does interest rates going up impact the total number of credit card applications in this country? Good sites?
I think it would have some impact, but not to any extreme. It is like with gas prices being what they are now ($3.35 for regular unleaded where I live) they might force a few more people to take a bus or car pool, but the majority will still be driving each day. So to answer the question It would seem to me that their would be less applicants overall due to higher interest rates. Most credit card rates are above the prime rate and with the prime rate still being fairly high I would have to say less people are applying for credit cards.
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