Bank of America: consumer spending on cards up from 2021 across all income groups | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 11, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 11, 2025
Bank of America: consumer spending on cards up from 2021 across all income groups

Global Economy

Reuters
05 May, 2022, 11:25 pm
Last modified: 05 May, 2022, 11:32 pm

Related News

  • Berkshire's cash soars to $325 billion, Buffett sells Apple, Bank of America
  • Facebook, Instagram could have 12 million paying subscribers by early 2024: Bank of America
  • Goldman Sachs, BofA expect three more US rate hikes this year
  • Bank of America CEO predicts income boost from higher rates
  • Bank of America in settlement talks with US regulators over employee cell phone use

Bank of America: consumer spending on cards up from 2021 across all income groups

The bank said total debit and credit card spending was up 13% in April compared to a year ago, thanks to sharp increases in travel and entertainment spending

Reuters
05 May, 2022, 11:25 pm
Last modified: 05 May, 2022, 11:32 pm
A person walks past a Bank of America sign in the Manhattan borough of New York City, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri
A person walks past a Bank of America sign in the Manhattan borough of New York City, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri

Bank of America said Thursday that consumers' debit and credit card spending rose across all income brackets in April, although spending levels for lower-income customers appeared to flatten out in recent weeks.

The bank said total debit and credit card spending was up 13% in April compared to a year ago, thanks to sharp increases in travel and entertainment spending.

Compared to the same period in 2019, before the pandemic, card spending per household was up nearly 24%, with spending for customers with less than $50,000 in annual income rising by 33%.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Spending trends are a closely watched indicator of consumers' financial health, especially as high inflation in the United States has pushed the price of everyday goods like some food items up by double-digit percentages.

Bank executives and credit rating agencies say that on average, the consumer is in good shape, with elevated checking account balances and low debt. However, there are signs that lower-income consumers and those with lower credit scores might be getting hurt by inflated prices.

Bank of America's data shows that consumer spending levels are still well above what they were before the Covid-19 pandemic.

Total payments in April were 25% higher than the year ago period, boosted in part by tax payments mid-month. By comparison, last year tax payments were not due until 21 May because of a rare extension granted by the US Internal Revenue Service.

"While higher inflation is leading to higher spending it is clear consumer strength goes beyond this," David Tinsley, director with the Bank of America Institute, wrote in the report.

World+Biz / USA

Bank of America

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Kunming rising: China's emerging healthcare hub draws Bangladeshi patients
    Kunming rising: China's emerging healthcare hub draws Bangladeshi patients
  • Representational image. Photo: Collected
    2nd round of US-Bangladesh tariff talks set to conclude today as business leaders await breakthrough
  • Photo: Courtesy
    4 arrested, 2 remanded over brutal killing of trader near Mitford Hospital

MOST VIEWED

  • In terms of stream of education, girls maintained their excellence as well. Photo: TBS
    SSC 2025: Girls dominate boys by over 5%
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • The overall pass rate across all boards this year, 68.45%, is significantly lower than last year's. Photo: Focus Bangla
    SSC 2025: Rajshahi board records highest pass rate, Barishal lowest
  • How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
    How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
  • Representational image. Photo: TBS
    SSC 2025: 73.63% pass rate among technical students, 68.09% at Madrasahs
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case

Related News

  • Berkshire's cash soars to $325 billion, Buffett sells Apple, Bank of America
  • Facebook, Instagram could have 12 million paying subscribers by early 2024: Bank of America
  • Goldman Sachs, BofA expect three more US rate hikes this year
  • Bank of America CEO predicts income boost from higher rates
  • Bank of America in settlement talks with US regulators over employee cell phone use

Features

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

5h | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

1d | The Big Picture
Illustration: TBS

Behind closed doors: Why women in Bangladesh stay in abusive marriages

1d | Panorama
Purbachl’s 144-acre Sal forest is an essential part of the area’s biodiversity. Within it, 128 species of plants and 74 species of animals — many of them endangered — have been identified. Photo: Syed Zakir Hossain/TBS

A forest saved: Inside the restoration of Purbachal's last Sal grove

1d | Panorama

More Videos from TBS

Renowned economist Abul Barkat imprisoned

Renowned economist Abul Barkat imprisoned

3h | TBS Today
All of Iran's uranium still intact, Israel claims

All of Iran's uranium still intact, Israel claims

2h | TBS World
Trump-Netanyahu in new strategy on Gaza issue

Trump-Netanyahu in new strategy on Gaza issue

4h | TBS World
Shocking science: why birds stay safe on electricity lines

Shocking science: why birds stay safe on electricity lines

5h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net