CREDIT CARD PENETRATION
FOR U.S. CREDIT UNIONS | DATA AS OF 06.30.23
© Callahan & Associates | CreditUnions.com
- During the COVID-19 pandemic, credit card spending declined drastically. It bottomed out at 17.2% but began to bounce back starting 2021.
- Thanks in part to lower rates, credit card penetration at U.S. credit unions has increased 73 basis points in the past five years, trending upward alongside a rise in the average credit card balance.
- Credit card lending at credit unions jumped 14.39% from the second quarter of 2023 to the third. Notably, the average credit card balance at credit unions reached $3,072 in the second quarter of 2023. This is the highest balance recorded since the fourth quarter of 2019. Nationwide, national credit card debt surged more than 4%, or $45 billion, in the second quarter according to reporting by CNBC.
- Heightened spending activity has contributed to a noticeable uptick in credit card net charge-offs, which increased 137 basis points year-over-year at credit unions.
How Does Your Credit Card Portfolio Compare?
See how your credit union’s credit card performance stacks up against competitors. Callahan’s Peer Benchmarking Suite makes it easy for credit union leaders in any role to measure performance, identify new opportunities, and support strategic plans. Learn more today.
Request A Demo
Request A Demo
