Growth, risk and the rise of "hidden" business accounts
As inflation remains elevated and early signs of labor market cooling emerge, the credit card landscape is entering its next phase. Over the past few weeks, policy actions and discussions around potential interest-rate caps have driven increased uncertainty across the credit card industry and broader global markets. Lenders face a careful balancing act: capturing growth opportunities while maintaining disciplined risk oversight.
Our second annual State of Credit Cards Report explores the macroeconomic forces influencing the market, key shifts in originations and delinquency trends, and lender mix. New this year, the report also digs into an often‑overlooked segment: business accounts hidden inside consumer credit card portfolios. Additionally, the report offers actionable strategies to help lenders segment risk and drive disciplined growth more effectively.
Key insights include:
30+ DPD delinquency rates remained above pre-pandemic levels in 2025, underscoring the need for disciplined asset‑quality monitoring.
Fintechs continue to gain ground, posting a 71% YOY increase in account originations.
Business accounts masked in the consumer credit card universe represent roughly 14% of balances and are more than 50% larger than the business card universe — a material segment with distinct risk and profitability dynamics that many lenders are not explicitly managing today.
The report also outlines practical strategies to:
Identify and segment business behavior within consumer portfolios.
Align underwriting and account management with actual usage patterns.
Capture targeted growth while protecting long‑term portfolio performance.
Ready to dive deeper?
Download the full 2026 State of Credit Cards Report to uncover insights that can help your organization manage risk more precisely and grow with confidence.
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