Amex and GE maintain momentum in cards niche

GE Money and American Express continue to report the strongest growth in credit card balances. Bank issuers of credit cards increased balances at a much slower rate during the last three months. Only Citibank and St George accelerated their growth in card balances. Some issuers, notably Commonwealth Bank, have questioned the profitability of the acquisition strategies of some credit card issuers, which are based on zero rate, or low rate, balance transfers in most cases.