Expect more credit card offers -- if you have good credit
The recession might have put a temporary halt to the once endless supply of credit card offers, but top lenders are once again flooding mailboxes.
Just don't expect a bunch of offer letters if you have poor credit.
Data from the research firm Mintel Comperemedia showed top lenders sent out more than 1.4 billion credit card offers in the first quarter of the year, an increase of 69% compared to the same period in 2010, according to the Wall Street Journal.
Many of the best rewards card offers are going to consumers with the best credit scores: From 720 to 850.
Consumers with lower credit scores are finding it easier to get a new credit card, the Journal reports, "but they might not come with much more than the equivalent of the free toasters offered by banks decades ago."
Even so, there has been a 62% increase in the number of credit cards issued to people with battered credit in the first quarter of 2011 as compared with 2010, according to Equifax's new credit trends report.
That’s 2.5 million new credit cards -- just not the cards with the best goodies attached (or the best interest rates).
If you have a low credit score, improving it may qualify you for better credit card offers, which in turn can help facilitate further debt repayment. Transferring high interest balances to a credit card with more favorable terms can help in the debt repayment process -- as long as you pay the card off in full each month.