The relative importance of credit cards is growing for credit unions but declining for banks, according to the financial information provider SNL Financial.
At year-end 2010, aggregate credit card loans and other revolving credit plans totaled $36.4 billion at U.S. credit unions, accounting for 6.35% of total loans. As of Sept. 30, 2012, credit cards outstanding grew to $38.3 billion, or 6.39% of total loans.
Meanwhile, credit cards and other revolving loans accounted for 10.78% of total bank loans ($710.6 billion) at year-end 2010, but fell to 9.7% as of Sept. 30, 2012 ($668.9 billion).
Credit unions also boast some of the industry’s lowest credit card interest rates. Credit unions with the lowest platinum credit card rates, SNL Financial reports, include: