Major U.S. Issuer Outstandings Up Double-Digits Thanks to American Express & Costco
U.S. credit card outstandings end-of-period (EOP) among the Top 4 U.S. issuers gained 10.9% in the fourth quarter (4Q/16) year-on-year (YOY) to $417.2 billion, according to CardData. The gain was driven largely by Citibank as its acquisition of the Costco card portfolio from American Express has skyrocketed outstandings. BofA was unseated as the nation’s second…