According to a credit card industry analyst and consultant, credit cards have returned to being financial institutions' most profitable loan product.
Net card portfolio revenue is the highest it has been since 2008, said Robert Hammer, founder and CEO of the Thousand Oaks, Calif.-based R.K. Hammer, a bank card advisory firm with clients in 50 countries including 15 of the top 20 bank credit card issuers in the U.S, according to the company's website.
"After the brutal beating taken in recession years, capital has been replenished, dividends have been restored, marketing investment in the business has resumed and the loan losses have returned to more normalized levels. The card business is back," Hammer wrote in a statement.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
