The last time the 12-month consumer application rate for credit cards was higher than in June of this year was in June 2019 when it reached 28.4%, according to the Fed’s data.
In a slightly different measure of the credit card application rate, the Fed said this year’s average rate at which consumers reported applying for a card in the past 12 months was 26.7%. That was up 3.6 percentage points from the average rate for 2021.
