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Bank Of America Credit Card Customer Service & Contact Numbers
Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
By the numbers: Bank of America’s total payment volume hit $1.1 trillion in Q1 2023, per its earnings presentation—a 9% year-over-year (YoY) increase. Growth slowed from 14% YoY in Q1 2022.
But with overall spending holding positive, consumers are racking up debt as inflation strains their budgets. Bank of America’s net charge-offs of $807 million in the first quarter were an increase on both a quarterly and yearly basis. And the issuer’s credit card delinquency rate increased to 1.14% in February from 1.09% in January—although that’s still below pre-pandemic levels.
Small Business Credit Card Debt Is Rising Says B Of A
The CFPB wants to mitigate these concerns by increasing credit card competition and reducing costs, Director Rohit Chopra explained in a blog post this week.
The bigger picture: The spending slowdown Bank of America faced in Q1 is only going to get worse—BofA already warned that credit and debit volume slowed in March. Banks also need to prepare for a future rise in delinquencies, and many may end up tightening lending standards.
Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
By the numbers: Bank of America’s total payment volume hit $1.1 trillion in Q1 2023, per its earnings presentation—a 9% year-over-year (YoY) increase. Growth slowed from 14% YoY in Q1 2022.
But with overall spending holding positive, consumers are racking up debt as inflation strains their budgets. Bank of America’s net charge-offs of $807 million in the first quarter were an increase on both a quarterly and yearly basis. And the issuer’s credit card delinquency rate increased to 1.14% in February from 1.09% in January—although that’s still below pre-pandemic levels.
Small Business Credit Card Debt Is Rising Says B Of A
The CFPB wants to mitigate these concerns by increasing credit card competition and reducing costs, Director Rohit Chopra explained in a blog post this week.
The bigger picture: The spending slowdown Bank of America faced in Q1 is only going to get worse—BofA already warned that credit and debit volume slowed in March. Banks also need to prepare for a future rise in delinquencies, and many may end up tightening lending standards.
Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
By the numbers: Bank of America’s total payment volume hit $1.1 trillion in Q1 2023, per its earnings presentation—a 9% year-over-year (YoY) increase. Growth slowed from 14% YoY in Q1 2022.
But with overall spending holding positive, consumers are racking up debt as inflation strains their budgets. Bank of America’s net charge-offs of $807 million in the first quarter were an increase on both a quarterly and yearly basis. And the issuer’s credit card delinquency rate increased to 1.14% in February from 1.09% in January—although that’s still below pre-pandemic levels.
Small Business Credit Card Debt Is Rising Says B Of A
The CFPB wants to mitigate these concerns by increasing credit card competition and reducing costs, Director Rohit Chopra explained in a blog post this week.
The bigger picture: The spending slowdown Bank of America faced in Q1 is only going to get worse—BofA already warned that credit and debit volume slowed in March. Banks also need to prepare for a future rise in delinquencies, and many may end up tightening lending standards.
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