Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan Chase and lure big spenders to its credit cards.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

Research shows the number of fraudulent transactions and dollar amounts involved are soaring as merchants increasingly go digital. Credit card and other companies are expected to more than double what they invest in AI and other tech to fortify their systems.

The portfolio, which Bank of America has handled since 2015, has roughly $100 million in balances.

Americans are looking for immediate ways to offset rising costs, rather than saving points for future travel. Cash rewards, which were already growing in popularity, are now even more coveted.

U.S. consumers’ card debt, which fell sharply last year, has now climbed for two consecutive quarters. The upcoming holiday shopping season will signal how quickly borrowing will return to 2019 levels.

On Jun. 30, 2021. Dollars in thousands.

The $395-a-year Capital One Venture X card goes up against American Express and JPMorgan Chase cards that offer similar benefits to people who want to spend again on travel as restrictions ease.

On Jun. 30, 2021. Dollars in thousands.