AXP USCS Pinched by Costco Card Loss – Q1 Delinquency & Charge-Offs Rise

The impact of the loss of the U.S. Costco and JetBlue programs continues to manifest itself in the American Express (AmEx) U.S. Card Services (USCS) unit during the first quarter (1Q/17), according to CardData. AmEx reported 1Q/17 gross revenue for USCS decreased 8.0% YOY to $3019 million, compared to $3030 million for the fourth quarter…

U.S. Bank Credit Card Q1 Profits Decline As Charge-Offs Rise

U.S. Bank (USB)’s Payment Services division reported solid growth in gross dollar volume (GDV) as well as credit and debit fee revenue for the first quarter (1Q/17). However, rapidly rising charge-offs depressed credit card income, according to CardData. Acquiring volume continued to decline for the fourth consecutive quarter. USB’s Payment Services includes consumer and business…

BofA Credit Card Unit Continues to Plug Along in Q1 – Charge-Offs Up

Bank of America, the nation’s third largest Visa and MasterCard issuer, continued to struggle in the first quarter (1Q/17) with sluggish outstandings (OUT) and purchase dollar volume (PDV) growth, but other metrics, except charge-offs, remain fairly stable, according to CardData. Pre-tax net income edged up 1.1% YOY to $1224 million in 1Q/17, compared to $1290…

Wells Fargo Credit Card Portfolio Bad Sales Practices Impact Continues in Q1

Wells Fargo continues to reel from the bank’s fraudulent sales practices exposed last year, as new credit card account acquisitions fell more than 46% year-on-year (YOY) in the first quarter (1Q/17). Consumer credit card portfolio metrics remained soft with single digit YOY gains, and there was a noticeable uptick in charge-offs, according to CardData. The…

Costco Card Drives Citi PDV Higher and Profits Lower in Q1

Citibank North America branded credit card purchase dollar volume (PDV) continued to soar in the first quarter (1Q/17), however net income dropped sharply, both driven by the 2016 Costco acquisition, according to CardData. North America Citi-branded card revenue increased 12.7% YOY to $2096 million for 1Q/17, compared to $2213 million in the prior quarter and $1860…

Global Payment Cards (V+MA+AXP+DFS) Tops 5 Billion Up 6% YOY

Global payment cards-in force (CIF) [credit + debit] grew by 19.2% year-on-year (YOY) in the fourth quarter (4Q/16) to 4995 million. However, the figure for 4Q/16 includes 554 million for Visa Europe. (Visa added Visa Europe data as of 3Q/16.) Therefore, discounting Europe, the growth in global CIF was 6.0% YOY, adjusted, according to CardData.…