In Other News: CHASE (BestBuy); 3DCART (Amazon); WORLD GC (Ingenico); and HOUSE ADVANTAGE (Sightline). CHASE – Chase has signed a multiyear agreement for Best Buy to accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app, the company announced today. 3DCART – Shopping cart software provider 3dcart is now part of…
Last Friday at the close, shares in Charlotte, North Carolina-based Bank of America Corp. ended 0.13% higher at $16.00. The stock recorded a trading volume of 100.74 million shares, which was above its three months average volume of 90.30 million shares. The Company’s shares have advanced 11.01% in the last one month and 10.71% in…
Mitsubishi UFJ Financial Group has ankled Harvey Colli as a Managing Director to oversee its Transaction Banking business in Latin America.our business.” Colli, who assumes this new role after 15 years in senior positions with JPMorgan Chase and Citigroup, will focus on Latin American and Japanese corporate clients. Based in São Paulo, he reports to…
Early stage delinquency (30+ days) among the nation’s top 6 issuers declined six basis points (bps) sequentially in the first quarter (1Q/16) to 1.75%, but remains one bps above last year’s 1.74%. Five of the Big 6, including Chase, Bank of America, Capital One. Citibank, and Discover, posted lower or flat 30+ day delinquency in…
The average late stage U.S. credit card delinquency (90+ day) among the nation’s six largest issuers was flat sequentially, to 0.92% for the first quarter (1Q/16), but up 4 basis points (bps) from one-year ago (YOY). Three issuers were flat or down sequentially. The AmEx 90+ day delinquency rate remained flat sequentially, and from one-year…
U.S. consumer revolving credit card soared in June, growing at an annual rate of +9.7%, compared to a revised +2.2% annual rate in May and a revised +1.3% annual rate in April. Overall consumer credit increased at a seasonally adjusted annual rate of +4.1% in June. Non-revolving credit increased at an annual rate of +2.1%.…
U.S. Credit Cards-in-Force (CIF) among the Big 6 issuers grew 1.5% year-on-year (YOY) at the end of the first quarter (1Q/16), up 5.4 million cards YOY to 354.9 million cards. This compared to 352.6 million in 4Q/15 and 349.5 million for 1Q/15. Capital One was the only issuer to post a solid YOY gain…
Charge-offs among the nation’s top 6 issuers jumped 19 basis points (bps) year-on-year (YOY) to 2.86% for the first quarter (1Q/16), and up 2 bps sequentially. All six issuers posted sharply higher charge-offs in the first quarter. The Chase 1Q/16 charge-offs ratio inched up by 20 bps from 4Q/15 and flat from 1Q/15. Chase reported…
Profits (after tax) among the nation’s top four bank credit card issuers declined 8.0% in the first quarter (1Q/16), compared to one year ago (YOY), and down 10.8% sequentially (QOQ). BofA was the only issuer with a positive YOY gain in credit card profits. Citi credit card profits collapsed by more than 30% YOY in…
The Big 6 issuers, based on U.S. total outstandings of $950 billion, control 49.3% of the U.S. bank credit card business at the end of the first quarter (1Q/16). However, as a group the Big 6 lost 250 basis points (bps) quarter-to-quarter (QTQ) in marketshare to smaller issuers in the first quarter. Chase’s market share decreased…
Profits (after tax) among the nation’s Big 6 U.S. credit card issuers declined 4.9% in the first quarter (1Q/16), compared to one year ago (YOY) and, down 2.0% sequentially (QTQ). Aggregate card after tax profits for the Big 6 issuers logged in at $3789 million for 1Q/16, compared to $3867 million for 4Q/15 and $3984…
The average yield among the nations’s big six bank credit card issuers came in at 11.14% for the first quarter (1Q/16), compared to 10.96% in the prior quarter, and 11.00% for 1Q/15. Capital One (COF), the nation’s fastest growing major credit card issuer, again posted the highest yields, besting the average by 329 basis points…