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Photo collage of a man with many credit cards in his hand as if they were playing cards
Money; Getty Images

As oil prices spiked and inflation intensified with Russia’s invasion of Ukraine in February, Americans responded by opening new credit cards.

Lots of them.

New data from credit reporting agency Equifax shows that banks issued 18.6 million new credit cards in the first three months of 2022 — a roughly 28% jump from the same period last year.