Bank of America report shows U.S. credit card spending increased by 3.8% in February

LootboxPhobia · 2026-03-11T14:58:07+00:00

Bank of America data shows that credit card spending in February increased by 3.8% year-over-year, marking nine consecutive months of accelerated growth and reaching the highest level in 2023. Spending among high-income households saw a slight increase compared to the previous month, but overall month-over-month spending declined by 5.4%. Expenditures on dining and travel also increased, while entertainment spending declined.

LootboxPhobia

2026-03-11 14:58:07

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Investing.com – U.S. Bank (NYSE:BAC) summarized credit card spending data shows that in February, year-over-year growth was 3.8%, marking the ninth consecutive month of accelerated growth and the highest growth rate since January 2023, according to a report from U.S. Bank.

February’s data increased from January’s year-over-year growth of 3.2%. On a month-over-month basis, credit card spending in February declined by 5.4%, slightly below the typical seasonal pattern.

High-income households’ spending decreased by 5.1% month-over-month, performing 30 basis points better than the overall spending trend.

According to credit card data compiled by U.S. Bank, the total household credit card expenditure in February grew by 3.2% year-over-year. Debit card spending accelerated to a year-over-year increase of 2.7%, up from 2.2% in January.

The report notes that U.S. Bank’s credit card spending trends are highly correlated with the total U.S. purchase volume reported by Visa (NYSE:V) and Mastercard (NYSE:MA), as well as U.S. credit card transaction volume.

Credit card spending by high-income households in February increased by 4.8% year-over-year, faster than January’s 3.4%. U.S. Bank economists point out that spending disparities between high-income and low-income groups are widening, especially in discretionary categories.

The U.S. Bank credit card spending trend indicates that American Express (NYSE:AXP) reported increases in online transaction volume, billing activity, and U.S. consumer spending, all of which have historically been correlated with U.S. Bank’s credit card data.

According to U.S. Bank’s credit card data, dining expenses in February rose by 4.4% year-over-year, up from 4.0% in January. Travel expenses increased by 5.1% year-over-year in February, improving from 3.3% in January.

Entertainment spending in February declined by 0.5% year-over-year, compared to a 10.2% increase in January.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

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