American Express credit card loans have soared by more than 33% over the past year, about ten times the growth of VISA and MasterCard issuers. American Express also reported yesterday it signed up 900,000 new cardholders during the third quarter with 500,000 from the US and 400,000 from abroad. Average quarterly spending per cardholder has climbed nearly 14.0% over the past twelve months from $1,704 to $1,935. Chargeoffs dropped to 4.7% during the third quarter from 6.4% one year ago. Third quarter delinquency (30-89 day) dipped to 2.0%, from 2.2% for third quarter 1998 and 90+ day delinquency declined from 1.0% last year to 0.8% this year. For full financials details on AmEx visit CardData ([http://www.carddata.com/>www.carddata.com]).
AMEX TRACK RECORD
3Q/99 2Q/99 1Q/99 4Q/98 3Q/98 2Q/98 1Q/98
Receivables $20.6b $18.3b $16.7b $16.7b $15.4b $14.8b $14.2b
Q Volume $47.1b $46.0b $41.6b $44.2b $41.5b $41.4b $38.5b
Cards 29.2m 28.7m 27.9m 27.8m 29.5m 29.6m 29.5m