Credit Cards Archives - CFO

U.S. Household Debt Hits Record $1.4 Trillion

Credit & Capital

U.S. Household Debt Hits Record $1.4 Trillion

Americans beefed up their mortgage balances to a new high, taking advantage of near-zero interest rates.

By Matthew Heller | February 17, 2021

Visa Beats Estimates as Travel Slump Continues

Financial Performance

Visa Beats Estimates as Travel Slump Continues

“The recovery so far has been uneven, V-shaped for domestic volumes but L-shaped for cross-border volumes,” CFO Vasant Prahbhu says.

By Matthew Heller | October 29, 2020

Visa Profit Drops 23% as Card Spending Slows

Financial Performance

Visa Profit Drops 23% as Card Spending Slows

Payments volume improved as the third quarter progressed, reflecting the easing of shelter-in-place orders in the U.S.

By Matthew Heller | July 29, 2020

Reduced T&E Spending Continues to Hit AmEx

Financial Performance

Reduced T&E Spending Continues to Hit AmEx

AmEx is "in a tricky situation because they have a large corporate book and a big T&E book and those are the parts in the world’s economies that are weak."

By Matthew Heller | July 24, 2020

AmEx Takes Profit Hit, Plans Spending Cuts

Financial Performance

AmEx Takes Profit Hit, Plans Spending Cuts

"The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world."

By Matthew Heller | April 24, 2020

Sanders, AOC Call for Cap on Credit Card Rates

Sanders, AOC Call for Cap on Credit Card Rates

The high-profile lawmakers say a 15% cap is needed to protect consumers from the "economic brutality" of big banks.

By Matthew Heller | May 10, 2019

Banks Making a Bundle

Banks Making a Bundle

“The current economic expansion is the second longest on record, and the nation’s banks are stronger as a result," said the FDIC chair.

By Vincent Ryan | August 24, 2018

Consumer Credit Jumps $24.5 Billion in May

Consumer Credit Jumps $24.5 Billion in May

The gain was the largest since November 2016 and easily beat economists' expectations of a $12.4 billion increase.

By Matthew Heller | July 10, 2018

Mastercard Beats Views With Record Revenue

Financial Performance

Mastercard Beats Views With Record Revenue

Overseas transactions played a "major role" in Mastercard's Q1 performance as gross dollar volume increased 23.5% compared to 10.5% in the U.S..

By Matthew Heller | May 2, 2018

U.S. Household Debt Reaches Record $13.15T

U.S. Household Debt Reaches Record $13.15T

“The current debt level is still manageable and is likely to grow further this year,” one economist says.

By Matthew Heller | February 14, 2018

Discover Profit Takes $189M Hit From Tax Law

Financial Performance

Discover Profit Takes $189M Hit From Tax Law

The card company's net income for Q4 dipped to $387 million from $563 million, but all its loan segments saw growth.

By Matthew Heller | January 25, 2018

Capital One Swings to $971 Million Loss in Q4

Financial Performance

Capital One Swings to $971 Million Loss in Q4

The credit card issuer increased its credit loss provision by 5% and also took a $1.77 billion hit from the new tax law.

By Matthew Heller | January 24, 2018

Consumer Credit Rises to Record $3.8 Trillion

Consumer Credit Rises to Record $3.8 Trillion

The surge in borrowing in October was fueled by a 9.9% increase in revolving credit outstanding, which mostly consists of credit-card loans.

By Matthew Heller | December 8, 2017

Mastercard Profit Jumps 21% to Record $1.43B

Financial Performance

Mastercard Profit Jumps 21% to Record $1.43B

Strong consumer spending overseas helped drive Mastercard's gross dollar volume to $1.4 trillion in the third quarter.

By Matthew Heller | October 31, 2017

Rewards Spending Cuts Into AmEx Profit

Financial Performance

Rewards Spending Cuts Into AmEx Profit

The company's consolidated expenses rose 21% to $5.8 billion in Q2 as it tried to keep affluent customers from switching to rivals.

By Matthew Heller | July 20, 2017