The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…
China’s UnionPay is upgrading its perks at 100 airports worldwide, providing discounts and services at various types of merchants including duty free shops, catering stores, souvenir shops, VIP lounges, Wifi rental and airport shuttle buses. Until February 28, 2018, UnionPay cardholders can enjoy exclusive privileges and value-added services at more than 100 international airports across…
The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…
Australian credit card gross dollar volume (GDV) declined 3.0% year-on-year (YOY) in February. Purchase dollar volume (PDV) increased 1.2% YOY and cash dollar volume (CDV) dipped by 14.5% YOY in February, according to CardData. There had been growing concerns in 2016 credit card spending was slowing down, and now the proof is in pudding for…
More evidence mounts showing credit card delinquency is steadily rising. The bank credit card default rate recorded a 3.31% rate in March, up nine basis points from February. This is the fifth consecutive month for the ratio to rise. The S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, shows…
Citibank North America branded credit card purchase dollar volume (PDV) continued to soar in the first quarter (1Q/17), however net income dropped sharply, both driven by the 2016 Costco acquisition, according to CardData. North America Citi-branded card revenue increased 12.7% YOY to $2096 million for 1Q/17, compared to $2213 million in the prior quarter and $1860…
Chase, the nation’s largest bank credit card issuer, continued to post double-digit year-on-year (YOY) growth in purchase dollar volume (PDV) in the first quarter (1Q/17) while YOY growth in outstandings (OUT) remained in the mid-single digits. Card income remained depressed in the quarter due to higher new account origination costs and provisions to offset rising…
China’s UnionPay has inked a deal with BPS-Sberbank of the Republic of Belarus. Under terms of the agreement, the two parties will cooperate in improving UnionPay’s acceptance network in Belarus, promoting local card issuance, and rolling out UnionPay’s innovative products and services, and thus jointly enhance UnionPay’s service capacity in markets along the Belt and…
Global payment cards-in force (CIF) [credit + debit] grew by 19.2% year-on-year (YOY) in the fourth quarter (4Q/16) to 4995 million. However, the figure for 4Q/16 includes 554 million for Visa Europe. (Visa added Visa Europe data as of 3Q/16.) Therefore, discounting Europe, the growth in global CIF was 6.0% YOY, adjusted, according to CardData.…
U.S. consumer revolving credit for February, mostly credit card debt, topped the $1 trillion record set in December, growing at a solid clip annually. While climbing steadily throughout 2016, consumer credit increased at a 3.5% annual rate of growth in February, compared to a revised -3.2% annual rate in January and a revised +3.1% annual…
China’s UnionPay has inked a deal for card acceptance with AccorHotels Group, the largest hotels group in Europe. Previously, Louvre Hotels Group has accepted UnionPay cards. AccorHotels has enabled 85 pilot hotels in France that are popular among Asian tourists to accept UnionPay cards. By the end of this June, 200 hotels of the Group…
Suntrust, Regions and KeyCorp lead the credit card market among the top ten regional bank issuers. Suntrust logged in with $1.4 billion in outstandings with 2.33% in net charge-offs for the fourth quarter. Regions Bank logged in with $1.2 billion in outstandings with 3.63% in net charge-offs for the fourth quarter. Key Corp logged in…