There’s a New (Credit Card) Player in Town
Citi, Chase, Bank of America, et al watch your backs. The newest and fastest growing credit company in the United States isn’t American at all by prefers scones and tea. That’s right, Barclay’s announced today that they have over $5 Billion in credit card receivables. That’s quite a feat for a bank that is a relative newcomer to the states here for only two and a half years.
Personally I think this is great for the credit card industry, at least for the consumers. The credit card race in the US has, in recent times, been dominated by the large banks. Although still just an upstart and not within the top 10 issuers, Barclay’s claims that they have grown successfully through innovative offerings for existing credit card customers as well as on the acquisitions front where they make it easier to book new accounts.
So, let this be a wake up call for the sleepy credit card giants of the US.
Read more at CNN Money.
Tags: Banks, Credit Cards, Uncategorized
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