Four of the top five U.S. credit card issuers posted single digit gains in credit card outstandings during the first quarter, but as a group the top ten averaged an 11% increase. Citigroup, the nation’s largest issuer, escaped the distinction due to its fourth quarter acquisition of the Sears card portfolio. Bank of America, the top issuer with the highest organic growth, posted a 28% increase in credit card loans during the first quarter. Marketing powerhouse, Capital One, was only up 17% in the first quarter. Collectively, the top issuers held card loans of $553.9 billion at the end of the first quarter, compared to $499.2 billion as of EOY 2003, according to CardData (www.carddata.com).
Top Ten U.S. Bank Credit Card Issuers
RANK/ISSUER 1Q/04 1Q/03 CHNG
1. Citigroup* $142.3b $108.6b +31%
2. MBNA 82.9b 78.3b +6%
3. Bank One 74.2b 72.8b + 2%
4. JPM Chase 51.0b 50.6b +1%
5. Discover** 47.3b 51.8b – 9%
6. Cap One 45.3b 38.7b +17%
7. AmEx 38.1b 34.6b +10%
8. BofA 37.3b 29.1b +28%
9. HSBC/HH*** 18.8b 16.2b +16%
0. Providian 16.7b 18.5b -10%
TOTAL: $553.9 $499.2 +11%
*Citigroup includes some non-US cards, possibly $5 billion
** Discover data as of 11/30/03 ***HSBC/HH is preliminary
Source: CardData (www.carddata.com)
