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2004 Brings Steadily More Consolidation in Cards

ARLINGTON, Va. - The pace of consolidation in the overall credit card industry continued apace in 2004 as a parade of mergers and acquisitions continued to mark the maturing industry, according to Cardweb.com, a site on the World Wide Web that tracks card trends. According to Cardweb, the top 10...

By Staff Writer | Updated on February 15, 2005

ARLINGTON, Va. – The pace of consolidation in the overall credit card industry continued apace in 2004 as a parade of mergers and acquisitions continued to mark the maturing industry, according to Cardweb.com, a site on the World Wide Web that tracks card trends. According to Cardweb, the top 10 U.S. card issuers now control roughly 84% of the U.S. card market, with the top three issuers, Chase Bank, Citigroup and MBNA, accounting for almost 50%. MBNA is a leading purchaser of credit union card portfolios and, according to Cardweb, was with Discover as one of the only card brands to have ground to competitors in terms of accounts receivable as of year’s end, the site reported.

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