The payment card space is seeing some potentially good news, according to The Wall Street Journal, which is reporting that “a combination of moderate economic growth, low interest rates and consumers who have struck a balance between spending more and paying their bills on time” is delivering better fees.
“The trends are expected to drive profits to post-recession highs at industry giants American Express and Capital One this year and bolster the bottom line at banks with big card units, including J.P. Morgan Chase,” the story said and it quoted J.P. Morgan’s credit card chief Eileen Serra saying: “The current state of the industry is very, very healthy.”
Consulting firm R.K. Hammer projected that U.S. card issuers will deliver $158.6 billion in revenue in 2014, a 9 percent increase from last year. That would mark the first annual gain since 2008.
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