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 fourth quarter (4Q/16), according to CardData.
AmEx reported 4Q/16 gross revenue for USCS decreased 10.1% YOY to $3030 million, compared to $2902 million for the third quarter and $3372 million for the fourth quarter of 2015.
USCS third quarter net income sunk by 35.2% YOY to $351 million, compared to $401 million in 3Q/16 and $541 million for 4Q/15.
AmEx U.S. card gross dollar volume (GDV) for 4Q/16, slipped by 8.3% YOY to $174.4 billion, compared to $164.6 billion for 3Q/16 and $190.2 billion for 4Q/15.
AmEx noted that average U.S. card spend per cardholder soared 11.8% YOY to $5181 in 4Q/16, compared to $4937 for the prior quarter, and $4633 for the year ago quarter.
End-of-Period (EOP) U.S. credit card outstandings for 4Q/16 increased 13.2% YOY. AmEx reported EOP GDV for 4Q/16 was $58.3 billion, compared to $53.9 billion for 3Q/16 and $51.5 billion for 4Q/15. The discontinued programs would have added about $12.6 billion for 4Q/15.
Total U.S. credit card loans for 4Q/16 increased 12.2% YOY to $48.8 billion, compared to $44.9 billion for 3Q/16 and $43.5 billion for 4Q/15.
Average U.S. credit card loans for 4Q/16 declined 7.9% YOY to $46.5 billion, compared to $44.8 billion for 3Q/16 and $50.5 billion for 4Q/15.
Total U.S. credit card receivables for 4Q/16 increased 4.2% YOY to $12.3 billion, compared to $10.1 billion for 3Q/16 and $11.8 billion for 4Q/15.
USCS basic cards-in-force (CIF) declined 16.5% YOY in the fourth quarter to 37.4 million, compared to 37.0 million for the prior quarter and 44.8 million in the year ago quarter.
USCS total CIF declined 17.5% YOY in the fourth quarter to 47.5 million, compared to 47.1 million for the prior quarter and 57.6 million in the year ago quarter.
The AmEx U.S. card 30+ day delinquency (DEL), as a percentage of total loans, increased 10 basis points (bps) YOY, and flat Quarter-To-Quarter (QTQ) for 4Q/16. The issuer reported a . . . .