Citibank North America branded credit card metrics exploded in the third quarter (3Q/16) as the Costco card segment kicked into high gear. However, card income sank more than 35% year-on-year (YOY) in 3Q/16. North America Citi-branded card revenue jumped 14.7% YOY to $2213 million for 3Q/16, compared to $1907 million in the prior quarter and…
The impact of the loss of the U.S. Costco and JetBlue programs continues to manifest itself in the American Express (AmEx) U.S. Card Services (USCS) unit during the third quarter (3Q/16). Revenue and income declined significantly year-on-year (YOY) as outstandings (OUT) also took a big hit, all by double-digits. AmEx reported 3Q/16 gross revenue for…
Citi confirms it has successfully completed the acquisition and conversion of Costco’s U.S. co-brand credit card portfolio from American Express. Citi acquired in excess of $10.5 billion of credit card receivables. The new Costco Anywhere Visa Card by Citi and Costco Anywhere Visa Business Card by Citi are available exclusively to Costco members. The long-term…
The impact of the loss of the U.S. Costco and JetBlue programs is manifesting itself in the American Express (AmEx) U.S. Card Services (USCS) unit during the first quarter (1Q/16). However, AmEx continues to open new accounts at a record clip. Revenue and income were up slightly year-on-year (YOY) as outstandings (OUT) took a big…
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…
U.S. Bank’s Elavon and Costco have agreed to extend their relationship to offer payment processing solutions to Costco’s array of small to mid-size business customers.
Los Angeles-based Payscout has inked an agreement with China’s Alibaba Group, under the terms of which Payscout will provide global payment logistics for Tmall,
After failing to come to terms with Costco in March for a contract renewal beyond 2016, American Express has inked Sam’s Club for card acceptance as of October1st. The membership warehouse club serves 500,000 small business owners every day and offers tons of opportunities for AmEx despite Sam’s razor thin profit margins.
CardWeb.com’s CardPixes database of more than 7,000 images today features the BMO CashBack World Elite MasterCard.
Stung by the loss of the Costco co-branded credit card program, the recent loss of a recent DOJ lawsuit, and the potential of rising consumer interest rates, American Express’ (AXP) Asset-Backed Securities (ABS) credit card program should strong in 2015 given its liquidity profile.
After a rocky road with prior credit card partnerships, Charles Schwab is setting its hopes on a new co-brand relationship with American Express. The two companies inked a multi-year deal to issue two new premium co-branded cards, presumably a charge card and a credit card in early 2016.
It is likely American Express will continue to lose U.S. marketshare to Visa (VS) and MasterCard (MC) in the first quarter, with MC doing the most damage, according to forecaster RAM Research. The AmEx erosion will continue throughout 2015 and will be impacted in the second quarter of 2016 when AmEx ends the Costco card, which accounts for 10% of AmEx Cards-in-Force (CIF).