Credit Card Use Grows Worldwide - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Card Use Grows Worldwide

Credit Card Use Grows Worldwide

Add to Favorites:
Credit Card Use Grows Worldwide

Plastic is, once again, increasing in popularity. More people than ever before are using credit and debit cards to pay for their purchases. The proof is in the profits: MasterCard’s earnings are higher-than-expected, due to an increase in credit and debit cards transactions in emerging markets.

“A solid global performance, including strong increases in volume and processed transactions, fueled revenue growth this quarter,” Ajay Banga, Chief Executive at MasterCard, issued in a statement.

The MasterCard payment empire includes the multi-national debit card service Maestro and the worldwide interbank network Cirrus, as well as their own namesake plastic powerhouse: the MasterCard. Those brands are licensed to more than 22,000 financial institutions for use in their own payment programs, according to investors.com.

JPMorgan analyst Tien-tsin Huang stated in a report that “the MasterCard network includes 1 billion cards and more than 32 million merchant locations worldwide.”

The company gains revenue as a result of the number of transactions processed, as well as through the volume of gross dollar purchases.

The Federal Reserve reported that June saw tremendous increases in consumer borrowing. Credit showed the biggest gain since August of 2007, with an increase of $15.5 billion. That’s nearly three times as much as the $5.08 billion rise in May.

Debtmerica.com reports that “the amount of money spent on consumers’ credit cards and the number of times they were used both increased considerably on a year-over-year basis during the month of July.”

This all coincides with the Wall Street Journal reporting that U. S. retail sales rose in July. Consumers have been spending more on everything ranging from gasoline to electronics, as grocery stores, furniture stores, clothing stores and online retailers all reported gains.

Retail sales have historically been a meaningful indicator of consumer spending and tend to be a driving force for economic growth.

However, the increasing use of debit and credit cards by consumers could simply be a result of elevated costs. Steep gasoline and food prices nationwide may be forcing people to pull out plastic at the register for their household necessities, instead of cash.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Chase Adds Two New Point Transfer Travel Partners

Posted: November 20, 2017

Chase has inked a new deal with the Aer Lingus loyalty program, AerClub, and the Iberia loyalty program, Iberia Plus, making them their newest Chase Ultimate Rewards point transfer partners. This new deal lets eligible Chase credit ... Continue reading
Small Business Owners Optimistic and Going Digital

Posted: November 17, 2017

Optimism is up and on track among small businesses this quarter according to the new The Q4 Wells Fargo/Gallup Small Business Index, also finding that hiring is in the air for some of these businesses, along with upping their game when it ... Continue reading
Small Business Owners Are Feeling Confident

Posted: November 16, 2017

Small Business owners gave both the national and global economy a thumbs-up according to the new Business Leaders Outlook report from Chase for Business, with 56% feeling confident about the national economy and 44% saying the same for the ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit