Managed bank credit card outstandings among the nation’s six largest
issuers declined 9% on average over the past year. The peer group, which
controls more than two-thirds of the U.S. market, had $574 billion in
EOP outstandings for the third quarter, according to CardData.com.
American Express reported the largest decline of 18% as it continues to
refocus on charge cards. Excluding the WaMu portfolio, Chase
outstandings declined 9% to $144 billion. Citi reported the smallest
decline of only 1% to $83.2 billion. Discover is down a mere 2% from
3Q/08 to $48.1 billion. Among Visa and MasterCard issuers, Capital One
dropped 11% to $61.9 billion and BofA slipped 10% to $164.5 billion.
BofA data are for global cards. According to the Federal Reserve, U.S.
consumer revolving credit dipped below $900 billion in August, posting
its 12th consecutive monthly decline. Revolving credit peaked at $975.2
billion in the third quarter of last year. For more details on third
quarter credit card performance visit CardData (www.carddata.com).
Chase* $144 $159 -9%
BofA $164 $183 -10%
Citi $83 $84 -1%
Cap One $62 $69 -11%
AmEx $52 $64 -18%
Disc $48 $49 -2%
*excludes WaMu segment
Source: CardData (www.carddata.com)