With the effects of the Durbin Amendment still dawning on the card industry, we're seeing a shift by some banks to once again emphasize credit cards over debit cards. Bank credit card issuance has grown markedly recently.

According to Equifax, the number of new bankcards issued increased 27 percent from May 2010 to May 2011. During January-May 2011, almost 15 million new bankcards have been issued, a 3-year high. But that's not all that much compared to the 28.5 million credit cards issued in the January-May 2007 period. Interestingly, the surge is being powered by more issuance to subprime borrowers.

The WSJ notes that banks have kicked into overdrive in terms of direct mail solicitations. Citi alone sent more than 346 million card offers to North American residents. "That is more than one for every man, woman and child in the U.S." American Express, JP Morgan Chase and Bank of America have also been active.

In some cases, banks are pushing certain customers who want to hang onto debit card rewards to credit cards. Are we set for a new boom in credit card use? The consumer economy continues to limp along, and a double dip in the economy is possible. But the credit card metrics are improving at most banks, and the need for more fee revenue is acute. Debit cards have been devalued just a bit in the mind of some bank executives thanks to the reduced interchange fees that the Durbin Amendment ushered in.

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