Gross or open accounts (GAC) for U.S. credit cards among the nation’s four largest issuers jumped 12.5% year-on-year (YOY) in the first quarter (1Q/17) to 213.8 million, compared to 190.0 million one-year ago, according to CardData.
The GAC growth is driven by Citibank and its acquisition of the American Express Costco portfolio in early 2016.
Chase, the nation’s largest issuer, increased 11.0% YOY from an estimated 59.1 million U.S. accounts in 1Q/16 to an estimated 65.6 million in 1Q/17. For 4Q/16 Chase had an estimated 64.2 million accounts. (Chase no longer reports accounts as of 1Q/16)
BofA’s GAC is up 6.1% YOY to an estimated 36.3 million North America accounts for 1Q/17, compared to an estimated 35.5 million in 4Q/16 and an estimated 34.2 million for 1Q/16.
Capital One increased 8.0% YOY, from an estimated 72.9 million accounts in 1Q/16 to an estimated 78.7 million accounts in 1Q/17. Cap One had an estimated 76.9 million accounts in the prior quarter.
Citibank’s GAC is skyrocketed 39.6% YOY to 35.2 million North America accounts, compared to 31.9 million in 4Q/16 and 23.8 million in 1Q/16.
TOP 4 GROSS U.S. CREDIT GAC
1Q/15: 189.9 million
2Q/15: 186.3 million
3Q/15: 188.0 million
4Q/15: 187.1 million
1Q/16: 190.0 million
2Q/16: 201.1 million
3Q/16: 205.5 million
4Q/16: 208.6 million
1Q/17: 213.8 million