At the end of the third quarter, bank credit card volume was growing at an annual rate of 7.3% among issuers with the highest transaction levels. However the growth figure is about half as much if MBNA, Capital One, and Chase are discounted. Chase volume increased more than 20% due to its acquisition of Providian accounts. American Express and Discover both posted weak growth in transaction volume, while Citigroup turned in a 3.1% increase in volume, according to CardData ([www.carddata.com][1]). Based on preliminary figures, U.S. Bancorp, the king of business bank credit cards, turned in a 13% gain over last year.
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Top Ten Year-to-Date Card Volume
ISSUER 3Q/02 3Q/02 CHNG
1. American Express $171.2b $168.6b +1.4%
2. Citigroup $166.8b $161.8b +3.1%
3. MBNA $116.1b $103.1b +12.6%
4. Bank One $107.9b $102.1b +5.7%
5. Discover $ 71.9b $ 71.2b +0.1%
6. Chase $62.7b $ 51.7b +21.3%
7. Capital One $50.0b $35.7b +40.0%
8. Bank of America $35.9b $35.7b +0.1%
9. U.S. Bancorp $34.2b $30.1b +13.6%
10. Household $26.5b $25.3b +4.7%
Totals: $843.2b $785.5b +7.3%
Source: CardData (www.carddata.com)
[1]: http://www.carddata.com
