FREDERICK, Md. — The three card issuing banks which collectivelycontrol 60% of the US credit card market have only posted slowgrowth, according to a Web site which tracks card industrydata.
|Cardtrak.com (www.cardtrak.com) presents data collected by theprivate card research firm CardData. According to the firm'sstatistics, Bank of America, Chase and Citibank posted together a3.4% increase in outstanding balances and a 2.4% increase in salesvolume over the same period last year.
|Many credit unions consider the brands among their mostsignificant rivals for their card programs, because of their use ofdirect mail advertising and rewards programs.
|At first glance the bank numbers could seem healthy, successfulin fact. But when examined against a record which has seen the sameissuers make double digit gains in both metrics, Cardtrak calledthe performance “pale” and ran the news under a headline that readBig Trouble.
|The card statistic tracker noted that Citibank reported that itssales volume for the second quarter of this year was essentiallyflat when compared to the second quarter of 2007, rising only 3tenths of one percent over last year's figure.
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