U.S. credit card outstandings end-of-period (EOP) among the Top 4 U.S. issuers gained a mere 1.7% in the third quarter year-on-year (YOY) to $361.6 billion. Capital One continues to defy gravity among the peer group with a 12% YOY gain.
U.S. Cash Dollar Volume (CDV) for Visa and MasterCard (credit + debit) in the third quarter (3Q/15) grew at an annual rate (YOY) of 4.6%.
Visa U.S. payment card (credit + debit) CDV for 3Q/15 was up 3.2%. MasterCard U.S. payment card (credit + debit) CDV for 3Q/15 was up 8.0%.
CardFlash News Briefs: PANGEA (D2D); PAYSWAG (Cloud); SEAMLESS (JYSK); and PERK (ZTE).
The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its second installment.
Citi Retail Services has inked a multi-year renewal agreement with ExxonMobil for its consumer and commercial credit card relationship. The agreement with ExxonMobil is the eighth contract renewal Citi Retail Services has announced since the beginning of 2014.
The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
While demand for funding by SME’s (small mid-sized enterprises) is down, new research reveals an increase in access from alternative business financing options. Bank loan financing currently has only a 35% financing success rate and is driving alternative sources.
Profits (after tax) among the nation’s big 6 U.S. credit card issuers declined 3.3% in the third quarter (3Q/15), compared to one year ago (YOY) but, rose 4.3% sequentially (QOQ).
U.S. Purchase Dollar Volume (PDV) for Visa and MasterCard (credit + debit) in the third quarter (3Q/15) grew at an annual rate (YOY) of 9.2%. Visa U.S. payment card (credit + debit) PDV for 3Q/15 was up 9.7%. MasterCard U.S. payment card (credit + debit) PDV for 3Q/15 was up 7.8%.
Bank credit card rates will begin to trickle upward next month in the wake of the Federal Open Market Committee (FOMA) decision to raise short-term rates by 25 basis points (bps). It is likely credit card rates in the first quarter will return to 2010 levels.
CardFlash News Briefs: INSIDE (award); KOUNT (funding); I2C (Canada); and COMDATA (network).
Los Angeles-based Allied Wallet has the something in common with Democratic White House contender Hillary Clinton. Allied’s CEO Andy Khawaja met with Hillary Clinton to share their affinity for entrepreneurs.