WASHINGTON–Credit card balances at U.S. credit unions rose 6.53% to $47.4 billion in September 2015 from $44.5 billion in September 2014, according to data and analysis from Callahan & Associates.
Credit card utilization is down a slight 54 basis points to 31.95% while credit card penetration increased 63 basis points to 16.92% as of September 2015, the company said.
"Americans are increasingly turning to their credit unions for good deals and good service, and that shows in the latest numbers around credit card use,” said Callahan & Associates partner Alix Patterson
According to the analysis, the $1.3-billion Kern Schools FCU in California led the industry in credit card balance growth, with 373.99% year-over-year growth as of September 2015. In looking at historical data, Kern Schools restarted its credit card program in March of 2014, resulting in the high growth.
Callahan’s reported that the Suffolk Credit Union in New York, North Island FCU in California, Greater Iowa Credit Union, and People’s Trust Federal Credit Union in Texas rounded out the top five with balance growth of 81.33%, 78.66%, 74.68%, and 74.66%, respectively.
The top 10 credit unions in year-over-year balance growth are listed below.