CHARLOTTE, N.C.—Bank of America’s digital channels continue to drive growth and have been making inroads with credit card spending in particular, a new report states.
“According to management, there’s still room left for consumers to keep spending on those cards,” PYMNTS reported. “The company said in a second-quarter 2024 earnings release that 53% of its consumer sales were made through digital channels in the quarter, up from 51%.”
Nearly $250M in Card Spend
Combined credit and debit spend of $243 billion was 3% higher than a year ago, the report notes.
PYMNTS said that when it comes to BofA’s credit cards specifically, the average outstanding loans came in at $99 billion, flat with the first quarter, and up from $94.4 billion last year.
The net charge-off ratio was 3.9%, up from 2.6% a year ago and up from 3.6% in the first quarter, PYMNTS added.