Profits (after tax) among the nation’s top four bank credit card issuers dropped 28.6% in the first quarter (1Q/17), compared to one year ago (YOY), and down 20.7% sequentially (QOQ), according to CardData. BofA was the only issuer with a positive YOY gain in credit card profits. Capital One credit card profits nosedived more than…
U.S. Gross Dollar Volume (GDV) for Visa and MasterCard (credit + debit) in the first quarter (1Q/17) grew 7.6% year-on-year (YOY). Credit card growth outpaced debit cards in the U.S. seven to one YOY, according to CardData. Visa U.S. payment card (credit + debit) GDV for 1Q/17 was up 10.3%. MasterCard U.S. payment card (credit…
Consumers are increasingly aware of retail credit with 8 out of 10 (78%) shoppers aware of financing options that retailers offer, up from just 51% two years ago. Consumers also continue to show loyalty to retailers with whom they have a store card, with 40% saying they are more likely to shop at that retailer…
The stage is set for rough seas for the U.S. card industry going forward. Three indicators signal risk new account bookings surged since 2011; active credit card lines now exceed $3.4 trillion; and 30-day credit card delinquency deteriorated in first quarter 2017. Exceeding year’s pace, Chase opened up 2.5 million accounts in 1Q/17, compared to…