Astounding Credit Card Statistics, Vol. 6

Welcome back to our continuing series, Astounding Credit Card Statistics! In this volume, we’ll be learning some insane stats on rewards cards, cards in circulation, total transactions, and more! Know your customers, your banks, and your processors well. If knowledge is half the battle, then Vision Payment Solutions is arming you with the information necessary to compete in a tough economy. Check out some of the data below!

Rewards:

  • More than one third of consumers choose which credit card to use in order to maximize card rewards. (Source: ComScore, September 2008)
  • Two-thirds of survey respondents said they would consider switching their primary credit card if a better feature were offered. (Source: ComScore, September 2008)
  • Among customers who said they would consider switching credit cards based on better rewards, more than two thirds (68 percent) said that cash back would be most influential in getting them to switch. (Source: ComScore, September 2008)

Circulation:

  • About 60 percent of consumers have a rewards credit card. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
  • Visa says rewards cards now make up more than half of all credit cards and about 80 percent of money spent on a credit card. (Source: Aite Group, January 2008)
  • Consumers say rewards are the second-most important reason for choosing to apply for a specific credit card, behind no annual fees and ahead of low interest rates. (Source: Aite Group survey, January 2008)

 

Total Purchases/Transactions:

Issuer Purchase Volume
(through year-end 2010)

  • American Express: $131.1 billion (Source: American Express)
  • Discover cards: $92.5 billion (Source: Discover)
  • MasterCard credit: $479 billion (Source: MasterCard)
  • MasterCard debit: $333 billion (Source: MasterCard)
  • Visa credit: $809 billion (Source: Visa)
  • Visa debit: $1.05 trillion (Source: Visa)

Issuer Transaction Volume
(through year-end 2010)

  • American Express: Unavailable
  • Discover cards: Unavailable
  • MasterCard credit: 5.85 billion (Source: MasterCard)
  • MasterCard debit: 8.46 billion (Source: MasterCard)
  • Visa credit: 9.4 billion (Source: Visa)
  • Visa debit: 28.6 billion (Source: Visa)

Other:

  • Today, credit cards are responsible for more than $2.5 trillion in transactions a year and are accepted at more than 24 million locations in more than 200 countries and territories. (Source: American Bankers Association, March 2009)
  • Between 1989 and 2006, the nation’s total credit card charges increased from about $69 billion a year to more than $1.8 trillion. (Source: Demos.org, April 2008)
  • It is estimated that there are 10,000 payment card transactions made every second around the world. (Source: American Bankers Association, March 2009)

Vision Payment Solutions is your one-stop shopping experience for all card-processing needs; from hardware and software to superior technical support, VPS has all your credit card bases covered! Call us today!