Saturday, August 2, 2008

Trouble on the Horizon for Top 3 Issuers?

The nation's top three general purpose credit card issuers, who collectively control nearly 60% of the U.S. card market based on card loans, posted a 3.4% gain in outstandings and a 2.4% gain in volume for the second quarter, compared to the year ago period.

The modest gains pale in comparison to the double digit gains of prior years. Bank of America, Chase and Citibank reported outstandings of $460.9 billion for 2Q/08, compared to $454.6 billion for 2Q/07, according to CardData.

The top three also posted purchase volume of $238.4 billion for 2Q/08, compared to $232.8 billion one-year ago. BofA reported purchase volume for U.S. consumer and business cards of $61.0 billion for 2Q/08, compared to $56.8 billion for 1Q/08 and $61.3 for 2Q/07. Chase posted second quarter charge volume of $93.6 billion an increase of 6% from 2Q/07. Citi reported that purchase volume for North American cards was flat at $83.8 billion, compared to $83.5 billion for 2Q/07.

For the latest issuer statistics for the second quarter visit CardData (

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