An Overview of Credit Card Asset-Backed Securities
Credit card asset-backed securities (ABS) were first issued in 1987. Since that time, the credit card ABS market has become the primary vehicle by which the card industry funds unsecured loans to consumers. Given the significance of credit card ABS, the Payment Cards Center encourages research in this area and is working to promote an understanding of securitization's impact on industry profitability, safety, and growth. This paper supplements material with additional information on the development of credit card ABS and the securitization process.