May U.S. consumer revolving credit card debt remains weak growing at an annual rate of +3.0%, compared to a revised +1.7%% in April and a revised +13.2% in March. Overall consumer credit increased at a seasonally adjusted annual rate of +6.2% in May. Non-revolving credit increased at an annual rate of +7.3%. Total revolving credit…
The average late stage U.S. credit card delinquency (90+ day) among the nation’s top four issuers edged down 1 basis points (bps) sequentially, but up 5 bps year-on-year (YOY) for the first quarter (1Q/16). Early stage delinquency, the precursor of 90+ day delinquency, among the peer group, also declined in 1Q/16. For the Top 4 U.S.…
U.S. cards-in-force (CIF) for Visa and MasterCard payment cards (credit & debit) increased 6.5% year-on-year (YOY) in the first quarter (1Q/16). U.S. credit cards increased 7.4% YOY while CIF for debit cards rose 5.7% YOY, in 1Q/16. There are were 1218 million Visa and MasterCard payment cards in circulation in the U.S. at the end…
U.S. gross transactions (GTX) for Visa and MasterCard credit and debit cards grew by 11.9% year-on-year (YOY) in the first quarter (1Q/16). U.S. GTX for credit cards jumped 12.9% YOY while U.S. GTX for debit cards increased 11.5% YOY in 1Q/16. Visa’s U.S. GTX for credit cards rose 12.2% YOY as U.S. GTX for debit…
A new survey finds the majority of Millennials are opening credit cards and building positive credit histories early. Millennials are taking the step of opening credit cards just as generations before. Sixty-two percent of those surveyed said they had at least one open credit card. Among the minority who do not have a credit card,…
U.S. Purchase Dollar Volume (PDV), credit and debit cards, among the Big 6 U.S. card issuers, rose 7.5% year-on-year (YOY) for the first quarter (1Q/16). Capital One completely blew out the Big 6 pack by a nearly 2-to-1 margin. The Big 6 U.S. issuers racked up $479.8 billon in PDV for 1Q/16, compared to $520.6…
Charge-offs among the nation’s top four U.S. issuers rose 5 basis points (bps) year-on-year (YOY) to 3.08%, and up 21 bps sequentially for the first quarter (1Q/16). All four issuers reported sharply higher credit card losses sequentially. Soaring Capital One losses drove the sequential gain for the peer group. The Chase 1Q/16 charge-offs ratio inched…
Gross or open accounts (GAC) for U.S. credit cards among the Big 6 U.S issuers edged up 0.6% year-on-year (YOY) in the first quarter (1Q/16) to 273.4 million, compared to 270.7 million in the prior quarter, and 271.9 million one-year ago. The growth is driven by Capital One and American Express (AmEx), while Chase, Bank…
Cash transactions (CTX) for Visa and MasterCard U.S. credit and debit cards in the U.S. grew by 4.7% year-on-year (YOY) in the first quarter (1Q/16). U.S. 1Q/16 credit card cash transactions were up 13.6% YOY, while U.S. debit card CTX increased 4.5%. Visa’s 1Q/16 CTX for U.S. credit cards was up 7.3% YOY and debit…
The average yield among the nations’s Top 4 bank credit card issuers declined 9 basis points (bps) sequentially at 11.49% for the first quarter (1Q/16), compared to 11.58% for the prior quarter, and 11.54% for 1Q/15. Capital One (COF), continues to lead the Top 4 with a 14.43% 1Q/16 yield while BofA was at the…
U.K. consumer credit continued to expand at a brisk pace in May, hovering around 10% year-on-year YOY. In May total consumer credit grew to £184.3 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.7% and 9.9% respectively. The Bank of England (BOE) reports consumer credit increased by £1.5 billion in May,…
Profits for the top four networks declined 1.9% year-on-year (YOY) in the first quarter (1Q/16). Visa, MasterCard, American Express and Discover reported a combined 1Q/16 profit of $3935 million, compared to $4012 million for 4Q/15 and $4012 for 1Q/15. The decline was led by MasterCard, while Visa posted the strongest gain for 1Q/16. Visa’s global…