The total number of retail-issued cards in the US has reached more than 183 million, the highest level since September 2009, according to a report by Equifax.
The study found that the total credit-card balances exceeded $56bn last month, a year-over-year increase of over 6.4%.
Go deeper with GlobalData
The credit reporting firm said that the number of new credit-card accounts opened between January and August rose 8.8% from the year-earlier period to 24.6 million–the highest level since 2008. The total limit of new credit was up 12% at $46.6bn.
The report added that the total limit of new credit issued between January-August 2013 was $128.7bn, an increase of 9.1% over the same time a year ago.
Also, the total outstanding balance on bank-issued credit cards was $537.2bn an increase year-over-year for four consecutive months.
However, retail-issued credit card write-offs were down nearly 14% compared to October 2012. In that same time, 60-day delinquency rates for retail cards fell slightly, from 3.52% to 3.48%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataEquifax chief economist, Amy Crews Cutts, said: "Retail cards are a great way to do both. Retailers can leverage these cards to drive traffic to their stores through special offers to cardholders and can encourage larger purchases by offering favorable interest-rate promotions for big ticket items.
"As long as consumers resist the urge to overspend, these cards can be a great way to save money when holiday shopping," Cutts added.
