The Evolution of Credit Cards: From Regulation to Consumer Impact

This chapter traces the history of the credit card industry from the 1960s surge in consumer credit awareness to the legal complexities of interstate banking regulations. It highlights how Citibank's strategic shifts and the resulting changes in the regulatory landscape influenced the growth of consumer credit leading up to the 2008 financial crisis. Additionally, the chapter discusses the effects of COVID-19 on household debt, ongoing issues with student loans, and the future of the credit card market amid contemporary debates on mergers and interest rate caps.