Payment Card News

Card Chiefs

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The credit card tribe has fewer chiefs this year thanks to mergers and acquisitions in 2004. Based on year-end results, the top ten issuers now control more than 84% of the market with the top three controlling nearly half of the total U.S. market. During 2004, Chase unseated Citi as the top issuer, and Bank of America moved from #8 to #4. Chase merged with Bank One, and Bank of America merged with Fleet in 2004. All four were among the top ten issuers in 2003. Discounting the mergers, the fastest growing top issuers last year were Wells Fargo, HSBC (f/k/a Household), and Bank of America. Only two top issuers lost ground in 2004, namely, MBNA and Discover. The average gain in outstandings by the top ten, between year-end 2003 and year-end 2004, was 3.7%. For complete details on 2004 statistics visit CardData (www.carddata.com).

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|_2. CARD LEADER SCOREBOARD |
|_2. (Credit Card Loans at Year-End) |
|_. ISSUER | 2004 |
|_. 1. Chase | $135.4 billion |
|_. 2. Citi* | $121.7 billion |
|_. 3. MBNA | $ 80.2 billion |
|_. 4. BofA | $ 58.6 billion |
|_. 5. Cap One| $ 48.6 billion |
|_. 6. Disc** | $ 48.3 billion |
|_. 7. AmEx | $ 40.1 billion |
|_. 8. HSBC***| $ 20.9 billion |
|_. 9. Prov | $ 18.5 billion |
|_. 10. Wells | $ 8.8 billion |
|_. TOTAL | $581.1 billion |
|_. INDUSTRY****| $687.0 billion |

Notes: * Citi includes approx. $2 billion in non-U.S. card loans. **
Discover’s fourth quarter ended 11/30/04. *** HSBC (f/k/a Household) is
estimated; no Q4 report issued to-date. **** Industry total is preliminary.
Source: CardData (www.carddata.com).

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