Credit card loans are increasing as a percentage of creditunions' total assets at the same time they are declining as apercentage of total assets at commercial banks, according tofinancial consulting firm SNL Financial.
|“At the end of 2010, aggregate credit card loans and otherrevolving credit plans stood at $36.37 billion at U.S. creditunions, accounting for 6.35% of their total loans,” SNL analystsreported on Thursday. “By Sept. 30, 2012, that number had grown to$38.25 billion, or 6.39% of the total loan portfolio.”
|By contrast, credit card loans at commercial banks moved from10.78% of their loan portfolios at the end of 2010 to 9.70% at theend of the third quarter of 2012.
|Credit unions also beat commercial banks with the lowest rates,the firm reported.
|The 86,000-member, $744 million Educational Systems FCU in Maryland led the country with a3.25% average rate, while the $244 million Energy One FCU in Tulsa,Okla., came in second with an average platinum rate of 4.25%,followed by the $422 million Sandia Area FCU in Albuquerque, N.M.,at 4.99%.
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