Discover Reports Greater Credit Card Use
Discover Financial Services reported an increase in credit card loans of 4 percent to $48.1 billion for its fiscal third quarter which ended August 31.
In addition, the sales volume of purchases made with Discover cards rose 4 percent from year-ago levels to $27.2 billion.
“Card sales and receivables grew in a challenging environment while credit quality continued to improve,” Chief Executive David Nelms said in a statement.
Discover also reported historic lows for both delinquency and charge-off rates. Both of these rates are among the lowest of all major credit card issuers, second only to American Express.
The delinquency rate, a reflection of balances that are 30+ days past due, was 1.81 percent versus 2.43 percent a year ago. The charge-off rate, the percentage of accounts that Discover does not expect to collect, was 2.43 percent versus 3.85 percent during the third quarter of 2011.
The information contained within this article was accurate as of October 3, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.