The post Major U.S. banks cut new credit card approvals by 5% in Q2 under Trump appeared on BitcoinEthereumNews.com.

Wall Street’s largest banks are pulling back on new credit card approvals, cutting off access for many Americans during Donald Trump’s first full year back in the White House. Earnings released by major card issuers showed that total new credit card accounts fell by 5% in Q2, the first drop in over a year. Executives from JPMorgan Chase, Citigroup, Capital One, and American Express all pointed to a clear reason: tightening requirements, especially for lower-end customers. These banks are turning away applicants they see as higher risk, mostly people with lower credit scores or less financial flexibility. They’re adjusting who gets to be a cardholder and leaning harder into the wealthy segment of their user base. This selective approach is becoming more obvious as premium products get the spotlight and mass-market offerings take a back seat. Banks tighten approvals for lower-income consumers Capital One CEO Richard Fairbank told analysts this week that the “highest, fastest-growing part” of the company’s card business has come from “heavier spenders.” Last month, his firm opened a new luxury airport lounge at JFK in New York, reserved for holders of its $395-a-year Venture X card. That lounge includes a cheesemonger station. This focus on premium isn’t limited to Capital One. Both JPMorgan and Citigroup rolled out upgraded high-end cards in recent weeks, while American Express said it plans to update its Platinum card later this year. But while perks go up at the top, access is shrinking below. The Federal Reserve’s Senior Loan Officer Survey reported that more banks increased credit card approval standards than eased them in 2025. American Express revealed a 6% drop in new account openings compared to last year. Still, the company reported that the average annual fee per card rose from $101 to $117, pointing to higher adoption of its…

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Filed under: News - @ July 26, 2025 8:26 pm