Card APRs for U.S.-issued major credit cards in the third-quarter increased by 64 basis points (bps) between the third-quarter 2018 (3Q/18) and 3Q/19, as the U.S. prime rate decreased by 50 bps. The average credit card rate charged by the nation’s Top 100 banks hit 15.10% in 3Q/19, down 3 bps from the prior quarter,…
U.K. card lending gravitates down in early 2029. Based on consumer credit statistics released this morning by the Bank of England (BOE), annual consumer credit growth slowed to a 6.5% annual gain (YOY) in January, compared to 6.6% YOY in December, and 9.4% YOY one-year ago. The monthly flow of consumer credit was marginally higher…
Canadian cardholders have slacked off in credit card usage this year as consumer confidence declines after hitting an all-time high in November 2018. However, the latest Visa and Mastercard reports show consumer spending was good last year, just not as good as 2017. Combined, Visa and Mastercard payment cards processed US$115 billion in purchase dollar…
Consumer confidence is a mixed bag around the globe for the start of 2019. Consumer confidence in the U.S. is “rebounding,” while the U.K. is “weak,” “rising” in Australia, “strong” in Canada, down to the “lowest level in more than two years” in Japan, and “pessimistic” in India. While the government shutdown affected the U.S.…
Cyber crooks are getting bored while becoming more sophisticated, driving online shoppers and online retailers crazy. The latest criminal scheme is injecting malicious code into retailers’ websites to steal shoppers’ payment card details. Formjacking attacks are more ambitious, destructive, and stealthy. While a number of well-known retailers’ online payment websites, including Ticketmaster and British Airways,…
As the fog clears it has become clear the Trump Shutdown messed up consumer economic statistics, far more than projected, producing skewed economic data. Lenders were particularly rattled when the latest figures revealed an uptick in auto loan defaults. First mortgage defaults also edged up, raising concerns among bankers. Credit card delinquency also moved upward…
The number of Americans stiffing credit card Issuers has been slowly growing but confounds economists. While the number of consumers more than 30 days past due (or delinquent) on credit credits has been rising, the number of consumers more than 180 days past-due (the point where credit card issuers write the account off as a…
The number of credit card late payers grew to highest level since the first three months of 2013. The Top 100 banks report consumer credit card delinquency, those whose account(s) have fallen more than 30 days late or past the due date, has been slowing edging upward throughout the last six years, despite the robust…
Australians are cutting up their fantastic plastic to the tune of 66,000 credit cards per month. In December Aussies closed 60,000 credit card accounts, totally 790,000 over the course of 2018. Additionally, credit card debt and cash advances on fantastic plastic declined again in December, declining in each month of 2018. The amount Australians owe…
Feeling “Presidential” Today? Strap on your seat belt, open your wallet and enjoy the President’s Club Perks. By the way, former President Obama’s favorite credit card is/was the J.P. Morgan Palladium Card issued by Chase. Credit Cards One of the hottest credit cards in the U.S. is the United Presidential Plus Card from Chase. It was…
