Consumer Payment Card News

Plastic Holiday

The final tally on retail spending via major payment cards, during the recently concluded holiday season, show Americans racked up 7% more than the previous year. Consumers used their VISA, MasterCard, American Express, and Discover credit and debit cards to charge $118.5 billion in retail spending between November 17th and December 26th. Consumers charged $90.0 billion to major credit cards and $28.5 billion to signature debit cards. The figures do not include credit card or debit card purchases for travel or groceries. The figures also do not include retail spending on store credit cards. Store credit card volume could add an extra $10 billion to the total figure. The growth rate in holiday retail sales for 2003 is more than double last year’s pace. For the full year of 2003, Americans used major credit cards to charge $1.5 trillion and debit cards to charge $500 billion.

Leave A Reply