Tax Cut Windfall Brings Card Profits Slowly Back to Reality

Credit card profits (after tax) among the nation’s Top 4 bank credit card issuers shriveled by 4.2% YOY (year-on-year) in the third-quarter (3Q/19), compared to 44.0% one-year ago. The surge in 2018 was directly related to the corporate tax cuts. Profits (after tax) among the nation’s Top 4 U.S. credit card issuers (Chase [JPM]; Capital One [COF]; Bank of America [BAC]; Citibank [C]) declined to $2905 million in the third-quarter, compared to $2910 million in the prior quarter, and $3033 million for 3Q/18.


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#payments #cards #profits @chase @capitalone @bankofamerica @citibank #cardprofits #economy #spending #tariffs

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