In today’s CardFlash News Que: B2 (Chase); JCB (Malaysia); FIT PAY (wearables); and WIRECASH (Cuallix).
Charge-offs among the nation’s top 6 issuers inched up 8 bps year-on-year (YOY) to 2.65% for the third quarter, but down 15 bps sequentially, according to CardData. Citibank has done the best job of reigning in card losses, dropping 44 bps, compared to 2Q/15.
American consumers continue in a buying mode after ratcheting up revolving credit by $6.7 billion or 8.7% year-on-year (YOY) in September.
Total revolving credit for September posted at $925.2 billion, compared to $918.5 billion in August, and $914.5 billion in July.
Like the U.S. consumer U.K. spending is heating up +2.1% on an annual basis, up from a +1.9% rise in September, and the strongest annual rate of growth for three months. Spending also rose slightly on the quarterly and monthly spending measures in October.