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.
Here it comes ” a short-term interest rate hike next month of 25 basis points for the first time since the first quarter of 2006. The prediction is based on today’s BLS report that payroll employment increased by 271,000 in October with the unemployment rate essentially unchanged at 5%.
Gross or open accounts (GAC) for U.S. credit cards among the nation’s four largest issuers climbed 2.0% in the third quarter to 188.0 million, compared to 184.4 million one-year ago. The growth is driven by Capital One, while Chase, Bank of America (BofA) and Citibank face year-on-year (YOY) and quarter-to-quarter (QOQ) GAC erosion.
NY-based ShopKeep, the cloud-based technology and business management solution for more than 20,000 small businesses, has ankled Michael DeSimone as the company’s new Chief Operating Officer.
MobileRecharge.com will launch the World Top Up Day on November 10 to celebrate, for the first time in history, top up senders worldwide. The organizers announce the best offer possible for November 10: NO FEES when making a top up to a mobile abroad on Mobilerecharge.com that day.
Bankrate reported third quarter revenue of $140.8 million but delivered a GAAP net loss of $23.4 million. The investment to redesign o CreditCards.com site, which went live in April, is bearing fruit as it has helped drive a record number of unique visitors to the site.
FL-based MagicPay Merchant Services has announced a program to place free EMV terminals with merchants who do not currently have one. With this new program, any merchant that applies for a merchant account with MagicPay, and that does not yet have an EMV terminal, will receive one at no cost.
More than 70% of consumers whose bank offers a mobile app have downloaded it, an increase of 7% compared to 2014. Those in the 18-24 year-old range have the highest adoption rate at 93%, but there are increases across all age groups.
In today’s CardFlash News Que: MASTERCARD (Legends) and WESTERN UNION (Chain of Betters).
TX-based Perk.com reported total revenue increased by 156% to $13.3 million for the third quarter 2015. Gross profit was $6.3 million, or 47% of total revenue.
Scotiabank and Interac have launched the Bulk Interac e-Transfer for Scotiabank’s business banking customers. This service extends the Interac e-Transfer service to Scotiabank’s business banking customers by offering a streamlined, secure and cost-effective alternative to cash, cheque or prepaid card disbursements.