NEW YORK—Second quarter earnings reports from card-issuing banks reveal small improvements in credit card spend.
JPMorgan Chase reported its noncommercial credit card sales volume grew 10.6% year-over-year (YoY) to reach $192.5 billion, Business Insider reported.
Wells Fargo announced that its consumer card portfolio's purchase volume totaled $22.5 billion, increasing 5.7% YoY. And Citi's branded card purchase sales reached $93 million, jumping 8% YoY, Business Insider said.
“Issuers' small improvements in credit card sales volume line up with US retail's performance, which is also making small steps in the right direction. In June, U.S. retail sales rose 3.4% YoY after May's grew 2.9% YoY,” Business Insider noted.