Analyst Sees Life in General Card Portfolio Market
An analyst who tracks credit cards and credit card portfolio management and sales reported that the market for bank and credit union issued card portfolios picked up significantly in 2012.
Robert Hammer, a leading card management adviser and founder of the Card Knowledge Factory, reported that $33.1 billion in credit card portfolio balances, spread over 37 portfolios, switched hands in 2012.
He also reported a further $6 billion in balances were likely to close in early 2013 that had still been pending in 2012.
This is significantly higher than the 10 card deals worth $5.3 billion that were posted in 2011.
Hammer's firm tracks transactions involving bank and credit union card portfolios but did break out how many of the 37 in 2012 involved credit unions.
The market for credit union credit card portfolios had slowed to almost a complete stop in the recent economic downturn.
Hammer cited an increasing perception of credit cards as a worthwhile investment and an increasing use of premiums for helping to drive 2012's increased sales volume.