Citi and American Express have inked a deal for Citi to acquire Costco’s U.S. co-brand credit card portfolio. The sale is expected to close June 2016, at which time all eligible Costco American Express Card cobranded accounts will be transferred to Citi. Additional details will be provided to Card Members in advance of the partnership…
Wells Fargo credit card third quarter outstandings were up 15.3% year-on-year (YOY) to $34.0 billion reflecting new account growth and growth in private label and co-brand outstandings. Purchase Dollar Volume (PDV) grew 12% YOY in 4Q/15. For the Fourth quarter, Wells posted $18.9 billion in PDV, compared to $18.3 billion in prior quarter. The number…
Wells Fargo credit card third quarter outstandings were up 14.1% year-on-year (YOY) to $32.3 billion reflecting new account growth and growth in private label and co-brand outstandings driven by the Dillard’s card portfolio acquisition in the fourth quarter.
Again driven by Visa’s electric performance in the third quarter with net income rising 41%, payment card profits for the top four networks rose 7.2% in the third quarter, compared to one-year ago. Visa, MasterCard, American Express and Discover reported a combined 3Q/15 profit of $3883 million, compared to $3621 million for 3Q/14.
American Express (AmEx) third quarter profits slipped year-on-year (YOY) by 10.7% to $794 million. AmEx says revenue and billed business levels were suppressed by a stronger U.S. dollar, plus renewals and changes it made earlier this year to some co-brand relationships also entailed some significant incremental expenses in Q3.
MasterCard says it will integrate a fully tokenized checkout experience within MasterPass, leveraging the MasterCard Digital Enablement Service (MDES). MasterPass enables issuers to deliver digital payments across channels and devices around the world, seamlessly extending the trusted relationships consumers have with their banks.
Chase, the nation’s largest bank credit card issuer, continues to struggle with real growth as third quarter (Q3/15) outstandings inched upward by a mere 2% year-on-year (YOY) and purchase dollar volume (PDV) posted a weak growth rate of 6.%. Furthermore, Chase is consistently signing up 2.1 million accounts per quarter, while losing 3.0 million accounts YOY.
FNBO’s First Bankcard has landed the Northern Illinois University Alumni Association, representing more than 200,000 NIU alumni worldwide, for the launch of the new NIU Alumni Visa Card.
In today’s CardFlash News Que: STERLING (EMV); ADS (Wayfair); JCB (Universal); and W.CAPRA (EMV).
Citi Retail Services and Wawa will launch a private label consumer credit card program for Wawa customers tomorrow. Wawa owns and operates more than 700 convenience stores (over 450 offering gasoline) in five Mid-Atlantic states and Florida.
U.S. Bank and Elavon announced the availability of Samsung Pay to offer more payment choices and convenience to their customers.
Consumers and small businesses with U.S. Bank Visa credit and debit cards may now load their cards onto eligible Samsung mobile devices and pay using Samsung Pay.
Ducks Unlimited and First Bankcard launched the new Ducks Unlimited Visa Card products. The cards will be available to the Memphis-based nonprofit’s more than 600,000 members.