Bank One/First USA reported that credit card outstandings grew by $2.0 billion from the previous quarter and that 1.28 million new accounts were opened, up 28% from a year ago and the highest level in nearly three years. Credit card income for the second quarter was $296 million, up $103 million, or 53%, from the year-ago quarter, reflecting lower net credit losses, lower operating expenses and the addition of the Wachovia portfolio. Operating income improved $57 million, or 24%, from the first quarter due to a gain on the sale of a portfolio, increased securitization activity, lower credit costs and lower operating expenses. Managed loans were $66.8 billion at June 30th, up $3.8 billion, or 6%, from the year-ago period, including the addition of the Wachovia portfolio. Managed loans increased $2.0 billion, or 3%, from March 31, 2002. Total revenue was $2.012 billion for the quarter, up $218 million, or 12%, from one year ago, mostly driven by the addition of the Wachovia portfolio and the consolidation of Paymentech. The managed charge-off rate was 5.62%, compared to 6.09% in the year-ago quarter and 5.69% in the first quarter. The managed 30-day delinquency rate was 3.83%, down from 4.10% in the year-ago quarter and 4.27% in the first quarter. For complete details on Bank One/First USAâs 2Q/02 results, visit CardData ([www.carddata.com]).