Gross or open accounts (GAC) for U.S. credit cards among the Big 6 U.S issuers rose 6.6% year-on-year (YOY) in the first quarter (1Q/17) to 291.4 million, compared to 286.1 million in the prior quarter, and 273.5 million one-year ago, according to CardData.
The growth is driven by Citibank and its acquisition of the American Express Costco card portfolio.
American Express estimated U.S. credit GAC for 1Q/17 decreased 16.8% YOY to 38.6 million, compared to 38.0 million in the prior quarter, and 46.4 million in the year ago quarter.
Discover estimated U.S. credit GAC for 1Q/17 increased 5.4% YOY to 39.0 million, compared to 38.6 million in the prior quarter, and 37.0 million in the year ago quarter.
Chase, the nation’s largest issuer, increased 11.0% YOY from an estimated 59.1 million U.S. accounts in 1Q/16 to an estimated 65.6 million in 1Q/17. For 4Q/16 Chase had an estimated 64.2 million accounts. (Chase no longer reports accounts as of 1Q/16)
BofA’s GAC is up 6.1% YOY to an estimated 36.3 million North America accounts for 1Q/17, compared to an estimated 35.5 million in 4Q/16 and an estimated 34.2 million for 1Q/16.
Capital One increased 8.0% YOY, from an estimated 72.9 million accounts in 1Q/16 to an estimated 78.7 million accounts in 1Q/17. Cap One had an estimated 76.9 million accounts in the prior quarter.
Citibank’s GAC skyrocketed 39.6% YOY to 35.2 million North America accounts, compared to 31.9 million in 4Q/16 and 23.8 million in 1Q/16.
BIG 6 GROSS (OPEN) U.S. CREDIT CARD ACCOUNTS
1Q/15: 271.9 million
2Q/15: 269.1 million
3Q/15: 272.0 million
4Q/15: 270.6 million
1Q/16: 273.4 million
2Q/16: 276.3 million
3Q/16: 281.2 million
4Q/16: 286.1 million
1Q/17: 291.4 million