bofa Archives • Page 51 of 58 • CardFlash®

CashPay VISA

5, Country, Priority, UNITED STATESBy Robert McKinley 06/17/2002

Bank of America announced this morning it is adding the VISA brand to its existing CashPay payroll card. BofA has offered the prepaid card since 1998. Other new enhancements to the standard features of the card include the ability to transfer funds to a checking or savings account. Trammell Crow Residential, with 2,300 employees in 20 states, is a current CashPay client. VISA USA introduced the VISA Payroll card last July. Besides Bank of America, VISA Payroll cards are offered by Bank One, First Tennessee, FleetBoston and U.S. Bancorp. (CF Library 7/25/01)

1Q/02 Delinquency

5, Country, Priority, UNITED STATESBy Robert McKinley 06/17/2002

While charge-offs soared by more than 22% over the past twelve months, delinquency rates among the top U.S. issuers increased only half as much. Sub-prime issuers Providian, Direct Merchants, and Household led the top ten issuers with the highest delinquency rates and the largest increases during the first three months of 2002, compared to 1Q/01. Fleet and Bank One/First USA reported lower delinquency than year ago levels, according to CardData ([www.carddata.com][1]). Over the past twelve months, delinquency (30+ day) among the nation’s top issuers, has increased 60 basis points, from 5.74% to 6.34%. Meanwhile, Discover reported a 30+ day delinquency rate of 6.75% for the quarter ending 2/28/02, compared to 6.34% for the year-ago quarter. American Express delinquency rate stood at 3.4% for 1Q/02, compared to 2.9% for 1Q/01.

TOP TEN VISA/MASTERCARD ISSUERS –
QUARTERLY DELINQUENCY
DAYS 1Q/02 4Q/01 3Q/01 2Q/01 1Q/01 4Q/00 Y/Y
CHG
1.
Citigroup: 90+ 2.17% 1.98% 1.82% 1.72% 2.00% 1.46% +8.5%
2. MBNA: 30+ 4.97% 5.09% 4.90% 4.57% 4.60% 4.94% +8.0%
3. First USA: 30+ 4.27% 4.46% 4.25% 4.10% 4.33% 4.51% -1.4%
4. Chase: 90+ 2.29% 2.22% 1.95% 1.90% 1.99% 2.07% +15.1%
5. Cap One: 30+ 4.80% 4.95% 5.29% 4.92% 4.72% 5.23% +1.7%
6. Providian: 30+ 10.22% 8.81% 8.66% 8.04% 7.64% 7.54% +33.8%
7. BofA: NR NR NR NR NR NR NA
8.
Household: 60+ 4.39% 4.10% 3.91% 3.60% 3.68% 3.49% +19.3%
9. Fleet: 30+ 3.97% 4.05% 4.13% 4.40% 4.75% 5.00% -16.4%
10. Dir Merch: 30+ 9.80% 9.70% 8.90% 8.30% 8.40% 8.30% +16.7%
30+ DAY AVG*: 6.34% 6.18% 6.02% 5.72% 5.74% 5.92% +10.4%
NR- not reported
* 60+ day and 90+ day are not meaningful

SOURCE: CardData ([www.carddata.com][2])

[1]: http://www.carddata.com
[2]: http://www.carddata.com

Charge-Offs 1Q/02

5, Country, Priority, UNITED STATESBy Robert McKinley 06/14/2002

Charge-offs among the top ten issuers of VISA and MasterCards increased by slightly more than 22% during the first quarter compared to 1Q/01. Providian and Citigroup continued to report the largest jump in losses, while Bank One/First USA and Fleet reported decreasing charge-offs over the past twelve months. Discover and American Express also posted significantly higher losses during 1Q/02, surging 35.5% and 27.4%, respectively. American Express’ charge-off rate increased from 5.1% one year ago to 6.5% for 1Q/02. For the fiscal quarter ending Feb 28, 2002, Discover reported a charge-off rate of 6.49% compared to 4.79% for fiscal 1Q/01. Among the top ten VISA and MasterCard issuers, the average for the first quarter came in at 7.30% compared to 5.98% one year ago. If Discover and AmEx are included the average for the top issuers would be 7.17% for 1Q/02 compared to 5.81% for 1Q/01. For complete portfolio details on the top U.S. issuers visit CardData ([www.carddata.com][1]).

TOP TEN VISA/MC ISSUER CHARGE-OFFS
1Q/02 4Q/01 1Q/01 4Q/00 ANN CHNG
1. Citigroup: 6.41% 5.91% 4.84% 4.22% +32.4%
2. MBNA: 5.00% 4.86% 4.25% 3.87% +17.6%
3. First USA: 5.69% 5.59% 5.81% 5.41% – 2.1%
4. Chase: 5.87% 5.48% 5.05% 4.86% +16.2%
5. Cap One: 4.00% 4.42% 3.75% 3.98% + 6.7%
6. Providian: 15.05% 12.70% 9.34% 8.49% +61.1%
7. BofA: 5.43% 4.90% 4.37% 4.32% +24.3%
8. Household: 7.17% 6.69% 6.27% 5.83% +14.4%
9. Fleet: 5.42% 5.38% 5.55% 4.97% – 2.3%
10. Dir Merch: 13.00% 10.90% 10.60% 9.70% +22.6%
AVERAGE: 7.30% 6.68 5.98% 5.57% +22.1%
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

BofA & PGA

5, Country, Priority, UNITED STATESBy Robert McKinley 05/21/2002

Bank of America, Colonial Country Club, and The PGA TOUR announced a four-year title sponsorship agreement beginning in 2003, replacing MasterCard as the title sponsor since 1996. The 2003 Bank of America Colonial will have a $5 million purse and will be played May 19-25, with the winner receiving $900,000. The purse will increase every year over the term of the agreement, remaining one of the top five purse levels among the TOUR’s co-sponsored events. In addition, CBS Sports will continue to provide weekend coverage with USA Network providing early-round coverage.

Concord – BofA

5, Country, Priority, UNITED STATESBy Robert McKinley 03/11/2002

Bank of America has signed a long-term participation contract with the STAR network to accept BofA debit cards at its more than 198,000 ATMs across the country. Concord EFS, the network’s owner, says the agreement also calls for Bank of America to place its ATMs in 17 states into the STAR network. The contract, announced this morning, is an extension of a previous relationship between Bank of America and Concord. The bank currently uses Concord’s ATM processing services for approximately 1,100 ATMs deployed in retail locations. The new contract extends the agreement for the use of Concord’s processing services. Bank of America advised Concord in August that although it will continue to use Concord’s processing services, it does not plan to continue its participation in the “STAR” network. BofA was the only sizeable owner of Star Systems that did not sign a long-term network participation contract with Concord when STAR was acquired by Concord in February. BofA expects to begin placing the STAR mark on its cards and ATMs later this month. STAR processed approximately 5.5 billion transactions in 2001 via 6,230 participating financial institutions. (CF Library 8/30/01)

Delinquency 4Q/01

5, Country, Priority, UNITED STATESBy Robert McKinley 03/06/2002

While charge-offs have soared by nearly 20% over the past twelve months, delinquency among the top U.S. issuers has inched up by only 4.4%. The average 30+ day delinquency rate among the top issuers stood at 6.18% as of year-end 2001, compared to 5.92% at the end of 2000. However delinquency declined during the first two quarters of 2001, according to CardData ([www.carddata.com][1]). Since the end of June, delinquency has jumped 26 basis points, an 8% gain. Three top issuers reported lower delinquency rates for 4Q/01 compared to 4Q/00, including Bank One/First USA, Capital One, and Fleet. Sub-prime specialists Providian and Metris reported sharply higher delinquency rates, up 127 bps and 140 bps respectively. MBNA’s delinquency rate increased 15 bps since 4Q/01 and 52 bps since 2Q/01. Discover reported a 30+ day delinquency rate of 6.85% for the quarter ending 11/30/01, compared to 5.92% for year-ago quarter. American Express delinquency rate stood at 3.3% for 4Q/01, compared to 2.8% for 4Q/00. (CF Library 2/21/02)

TOP TEN VISA/MASTERCARD ISSUERS –
2001 QUARTERLY DELINQUENCY
DAYS 4Q/01 3Q/01 2Q/01 1Q/01 4Q/00
1. Citigroup: 90+ 1.98% 1.82% 1.72% 2.00% 1.46%
2. MBNA: 30+ 5.09% 4.90% 4.57% 4.60% 4.94%
3. First USA: 30+ 4.46% 4.25% 4.10% 4.33% 4.51%
4. Chase: 90+ NR NR 1.90% 1.99% 2.07%
5. Cap One: 30+ 4.95% 5.29% 4.92% 4.72% 5.23%
6. Providian: 30+ 8.81% 8.66% 8.04% 7.64% 7.54%
7. BofA: NR NR NR NR NR NR
8. Household: 60+ 4.10% 3.91% 3.60% 3.68% 3.49%
9. Fleet: 30+ 4.05% 4.13% 4.40% 4.75% 5.00%
10. Dir Merch: 30+ 9.70% 8.90% 8.30% 8.40% 8.30%
30+ DAY AVG*: 6.18% 6.02% 5.72% 5.74% 5.92%
NR- not reported
* 60+ day and 90+ day are not meaningful
SOURCE: CardData (www.carddata.com)

[1]: http://www.carddata.com/

Wild Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 03/06/2002

FL-based WildCard Systems said Tuesday that its gift card programs generated a 688% increase in the number of gift cards sold in fourth quarter 2001 over the same period the year prior. The increase was driven in part by the launch of four new gift card programs for Bank of America, Marriott Hotels, Simon Property Group, and First National Bank of Omaha. WildCard is also involved with the gift card programs of AAA, Orchard Bank, Household, and Yahoo!. Bank of America launched a VISA Gift Card program with WildCard Systems that offers customers a choice of eleven different gift card designs. BofA also offered Olympic Winter Games VISA Gift Cards with five different card designs. The AAA Gift Card is a VISA stored-value card available with a minimum value load of $25 and a maximum value load of $2,000. Marriott’s Gift Card program is a private label product sold through Marriott’s Web site, 1-800 number, and designated Marriott Hotel locations with denominations up to $3,000. The stored-value Simon gift cards are co-branded with VISA, and sold at select malls participating in the pilot program.

Charge-Offs 4Q/01

5, Country, Priority, UNITED STATESBy Robert McKinley 02/21/2002

Charge-offs among the top ten issuers of VISA and MasterCards increased by nearly 20% during the fourth quarter compared to 4Q/00. Providian and Citigroup reported the largest jump in losses over the past twelve months. However, American Express and Discover also posted significantly higher losses during 2001, surging 34.1% and 28.9%, respectively. American Express’ charge-off rate increased from 4.4% one year ago to 5.9% for 4Q/01. For the third quarter, AmEx reported charge-offs of 5.6%. For the fiscal quarter ending Nov. 30, 2001, Discover reported a charge-off rate of 5.89% compared to 5.79% for the prior quarter, and 4.57% for 4Q/00. Discounting Providian, the average 4Q/01 loss rate among the top nine VISA and MasterCard issuers would be 6.01%, compared to 5.24% for 4Q/00, a +14.7% change. Including American Express and Discover, the average charge-off rate among the top 12 players would be 6.55% for 4Q/01, compared to 5.39% for 4Q/00, a 21.5% increase. For complete portfolio details on the top U.S. issuers visit CardData (www.carddata.com).

TOP TEN VISA/MC ISSUER CHARGE-OFFS
4Q/01 3Q/01 4Q/00 CHNG
1. Citigroup: 5.91% 5.48% 4.22% +40.0%
2. MBNA: 4.86% 4.90% 3.87% +25.6%
3. First USA: 5.59% 5.89% 5.41% + 3.3%
4. Chase: 5.48% 5.64% 4.86% +12.8%
5. Cap One: 4.42% 3.92% 3.98% +11.1%
6. Providian: 12.70% 10.33% 8.49% +49.6%
7. BofA: 4.90% 4.81% 4.32% +13.4%
8. Household: 6.69% 6.75% 5.83% +14.8%
9. Fleet: 5.38% 6.26% 4.97% + 8.2%
10. Dir Merch: 10.90% 10.70% 9.70% +12.3%
AVERAGE: 6.68% 6.47% 5.57% +19.9%
Source: CardData (www.carddata.com)

BofA 4Q/01

5, Country, Priority, UNITED STATESBy Robert McKinley 01/23/2002

Bank of America reported an 18.1% increase in credit card receivables during 2001, ending the year with $27.2 billion in managed card loans. Charge-offs have been relatively stable for the past two quarters, but jumped from 4.32% for 4Q/00 to 4.90% for 4Q/01. Fourth quarter charge volume was only up 6.1% over the prior year, a reflection of soft holiday spending. For all of 2001, BofA’s charge volume was up 7.7%. For complete details on Bank of America’s 4Q/01 performance visit CardData ([www.carddata.com][1]).

BANK OF AMERICA TRACK RECORD
4Q/00 3Q/01 4Q/01 Y/Y CHG
RECV: $27.2b $25.5b $23.0b +18.1%
Q VOL: $13.2b $12.3b $12.5b + 6.1%
ACCTS: 14.5m 14.7m 13.3m + 9.0%
ACTIVES: 9.8m 9.7m 8.7m +12.5%
CARDS: 22.8m 22.4m 20.3m +12.4%
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

Top Ten Analysis

5, Country, Priority, UNITED STATESBy Robert McKinley 01/14/2002

The average balance per active account among the nation’s top ten issuers was $2,368 at the end of November compared to $2,774 at the end of December 2000. According to Bankcard Barometer, the year-to-date charge volume posted an average of $3,765 as of Nov 30th.

ISSUER AAB AAV
1. Citibank $2316 $4295
2. MBNA $2388 $4197
3. First USA $3112 $5780
4. Discover $2054 $3563
5. Chase $2716 $4376
6. Capital One $1474 $1939
7. Providian $2639 $2294
8. BofA $2629 $4485
9. Household $1613 $3247
10. Fleet $2736 $3472
AAB – average balance per active account; AAV – average year-to-date
volume per active account;
Source: RAM Research’s Bankcard Barometer

BOFA ATM Contract

5, Country, Priority, UNITED STATESBy Robert McKinley 12/21/2001

Diebold has signed a service outsourcing agreement with Bank of America for ATM maintenance service. The seven-year contract is valued at $71 million per year and will cover nearly 10,000 ATMs nationwide. Diebold says the new agreement represents incremental revenue of approximately $48 million annually as some equipment was covered under previous service contracts valued at approximately $23 million annually. Aside from traditional first- and second-line ATM service, Diebold will provide BofA with maintenance for their ![][1] central site processing equipment, physical security and office equipment, excluding PCs, alarms and branch automation. Approximately 1,000 associates in Bank of America’s service organization will be integrated into Diebold’s service operation as a result of this outsourcing agreement.

[1]: /graphic/bankofamerica/bankofamerica.gif

US Airways Biz Card

5, Country, Priority, UNITED STATESBy Robert McKinley 12/17/2001

Bank of America has made a major mail drop for its new ‘Dividend Miles VISA Business Card’, according to ‘CardWatch’ ([www.cardwatch.com][1]). Under the business card version of the US Airways/Bank of America co-branded program, cardholders earn one ‘Dividend Mile’ for each $1 spent in net purchases and two miles for every $1 spent on US Airways goods and services. The business owner also will receive 5,000 bonus miles after the first purchase is made using the card, one complimentary ‘US Airways Club’ pass each year and a 10% discount on ‘Dividend Incentives’ purchases. Business owners will also earn ‘Dividend Miles’ purchases made by their employees with all miles credited to one account designated by the business owner. BofA is also offering credit limits up to $50,000. The new business air miles card carries a $75 annual fee for the company account, and a $15 annual fee for each card. The APR is a variable prime +9.9% with no floor. Last month, Bank of America and US Airways also introduced a new ‘Dividend Miles VISA Check Card’. Under the US Airways/BofA debit card program, consumer cardholders earn 1,000 ‘Dividend Miles’ after the first purchase, and one ‘Dividend Mile’ for every $2 in purchases thereafter. The US Airways’ ‘Dividend Miles’ program offers the lowest redemption level of any major carrier. Off-peak travel within the U.S. Canada requires only 20,000 miles and off-peak travel to Europe is only 40,000 miles. (CF Library 11/20/01)

[1]: http://www.cardwatch.com

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