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Marketing expenses are up at big issuers, including American Express, Capital One and Discover Financial Services. New credit-card account openings are surging. Solicitations promoting zero-percent interest rates on purchases and balance transfers, which fell after the Federal Reserve began raising interest rates in March, are rising again.
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“We certainly feel the most bullish about the card business,” Chief Executive Richard Fairbank said on a recent earnings call. “Net-net, we feel good about the opportunities, and we’re leaning into them.”
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