The profit wagon is running full steam as the nation's "Big 3" credit card issuers racked up a stunning 27% gain in profits during the first three months of this year. Collectively, Citigroup, MBNA, and Bank One raked in more than $1.6 billion in card profits for the first quarter. Citigroup lead the pack with a 35% gain and $832 million in card profits, which includes some accounts outside the USA, but inside North America. MBNA reported a 21% jump in global profits or $520 million. Bank One's card profits jumped 29% to $319 million for the first quarter. Over the past twelve months, the three largest issuers have generated nearly $7 billion in credit card profits. The "Big 3" credit card issuers control about 36% of the U.S. market.
The profit wagon is running full steam as the nation's "Big 3" credit card issuers racked up a stunning 27% gain in profits during the first three months of this year. Collectively, Citigroup, MBNA, and Bank One raked in more than $1.6 billion in card profits for the first quarter. Citigroup lead the pack with a 35% gain and $832 million in card profits, which includes some accounts outside the USA, but inside North America. MBNA reported a 21% jump in global profits or $520 million. Bank One's card profits jumped 29% to $319 million for the first quarter. Over the past twelve months, the three largest issuers have generated nearly $7 billion in credit card profits. The "Big 3" credit card issuers control about 36% of the U.S. market.