Consumer Payment Card News

Big Guys

Credit card loans for the three largest U.S. card issuers, Chase, BofA and Citi, grew by an average of 5.3% in the third quarter. The growth was led by Chase, posting a 7% gain over 3Q/07 to $159.3 billion. BofA was only up 1% to $183.4 billion, while Citi posted a 2.5% increase to $96.0 billion, according to CardData. The three largest issuers have a 53% collective market share in the U.S. market with $438.7 billion in end-of-period 3Q/08 outstandings. American Express will report third quarter results this afternoon. Visa will report third quarter financial results and second quarter card statistics next week. MasterCard is set to issue its full third quarter performance report the week of November 3rd. For the latest third quarter results visit CardData (“www.carddata.com”:http://www.carddata.com).

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