US shoppers are putting more of their purchases on plastic than ever. US credit card debt stood at $830bn at the end of June, according to Experian. Banks with big credit card divisions are reaping the benefit. 

At Citigroup, revenue from credit card loans jumped 11% to $2.3bn in the third quarter, accounting for nearly 13% of total group revenue. That provided a bright spot in an otherwise so-so quarter.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now