Magazine article American Banker

U.S. Credit Card Accounts Rose by 24M since Last Year: Report

Magazine article American Banker

U.S. Credit Card Accounts Rose by 24M since Last Year: Report

Article excerpt

Byline: Kevin Wack

The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association.

"A strengthening economy and improving consumer confidence may be translating to greater use of credit cards," the report stated.

The ABA's report, which lags behind some other sources of data about the credit card industry, is consistent with prior findings about second-quarter trends. The Federal Reserve Board previously reported that revolving credit rose by 6.3% between April and June.

The ABA found that monthly purchase volume by credit card users with the highest credit scores rose by 8.2% from the first quarter. For customers in the middle band of credit scores, between 680 and 759, purchase volume rose by 10. …

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