Bank of America still rules the U.S. credit card market rising 8% Y/Y in the first quarter, compared to Chase at 3% and Citi at 4%. This is typically a seasonal low quarter but all big three credit card issuers posted positive increases. Bank of America’s credit card loans increased from $150.7 billion in 1Q/07 to $163.2 billion in 1Q/08. Chase’s credit card loans soared from $152.8 billion in 1Q/07 to $157.1 billion in 1Q/08. According to CardData, Citi reported $116.4 billion in credit card loans, compared to $111.6 billion in 1Q/07.
BIG THREE CARD OUTSTANDINGS
BofA $163.2 billion $150.7 billion
Chase $157.1 billion $152.8 billion
Citi $116.4 billion $111.6 billion
Source: CardData (www.carddata.com)