Major US issuers saw card spending rebound in Q3

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In Q3 earnings calls held this week, major banks reported improvements in card spending after it plunged in Q2 2020 due to the rapid onset of the coronavirus pandemic.

Four top US issuers noted that their card spending metrics started to rebound in Q3:

Bank of America reported that its combined credit and debit spend was up approximately 2% year-over-year (YoY) in Q3, reaching $166.1 billion. That’s a major improvement from the 11% YoY decrease it posted in Q2, but it did note that travel & entertainment and restaurant spending are still struggling; they were down 37% YoY and 18% YoY, respectively, in September.
Citi’s branded card volume fell 9% YoY in Q3 to $86 billion, but that does represent an improvement from the 21% YoY drop it turned in for Q2.
JPMorgan Chase’s debit and credit card volume dipped approximately 1% YoY to $278.2 billion in Q3 after sliding over 15% YoY in Q2.
Wells Fargo’s consumer credit volume slid 5% YoY in Q3 to $21.34 billion, rebounding partially from the 22% YoY plunge it 


Source:: Businessinsider – Finance

      

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