While the nation’s second largest Visa and MasterCard has been experiencing slight erosion in credit card outstandings year-on-year (YOY), and sluggish growth in purchase dollar volume (PDV), credit card issuance for Bank of America (BofA) remains strong, according to CardData. Forecaster RAM Research expects credit card outstandings to be $89.1 billion for Q2, a slight gain YOY.
For the first quarter BofA reported EOP credit card outstandings of $87.3 billion, compared to $87.7 for Q1/14.
BofA’s PDV of $50.1 billion was up 2.5% YOY, compared to $48.9 billion in the year ago quarter.
In the second quarter BofA added 1.16 million new accounts, compared to 1.03 million inQ1/14.
BofA U.S. Oustandings
1Q/14: $87.7 billion
2Q/14: $89.0 billion
3Q/14: $89.0 billion
4Q/14: $91.9 billion
1Q/15: $87.3 billion
2Q/15: $89.1 billion
Source: BofA; CardData; RAM Research
For data, background and forecasts on Bank of America: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).