ARLINGTON, VA — While the final numbers for credit union card performance have yet to be tabulated for 2008, it seems likely they will beat the numbers posted by some of the nation's largest card brands.
According to Cardtrak.com, a Web site that tracks credit card trends, the five largest card issuers of Visa and MasterCard in the country posted an overall growth in their card portfolio balances of only 0.2% for the year.
By comparison, credit union card portfolio balances (among CUs with portfolios of over $1 million) grew at 12% as of the third quarter this year.
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But it's not clear how much better credit union card portfolios might end the year. Bank card issuer's portfolios had also been going fairly strong until the last three months of the year when the bottom dropped out of consumer spending.
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