Banks issued 5.4 million new credit cards to borrowers with less-than-pristine credit through June. That's up 64% from a year earlier, according to recent data from credit bureau Equifax, which defines a subprime borrower as having an origination risk score—a proprietary measure—of less than 660.
While the number of subprime cards issued this year pales next to the 14.7 million that banks issued in the first half of 2007, their growth outpaced the 27% year-over-year increase in total credit cards issued through June of this year.
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Credit Cards for Bad Credit
