Bank of America takes over MBNA
As reported today, read full report, Bank of America has taken over MBNA, one of the largest credit card providers in the world.This will see an great increase in marketing activities , and BoA is expected to try and consolidate its own offerings into the new division.
Another reported from the BBC indicated that credit card usage had dropped by 11% in 2005, in the UK.
This will have worrying prospects if the trend becomes global, as credit cards remain the main source of revenue for MBNA.