The holders of the 3.5 million credit and debit card accounts processed by The Members Group spent more this year than last on Black Friday and Cyber Monday, the Des Moines, Iowa, company said this week.
Debit spending has increased by 12% in the past two years, said the company, an affiliate of the Iowa Credit Union League. The average transaction amount for debit cardholders was $134 during Thanksgiving week, TMG said, compared with $131.66 in 2012 and $121.87 in 2011.
The processor said the average transaction amounts increased for credit, as well, up to an average of $222.98 this year, up from $208.14 in 2011 and $222.16 last year.
“Even as more payment tools emerge, consumers continue to love their credit and debit cards. The numbers seem to indicate a trend in consumer comfort using their debit cards for larger transactions,” said Georgann Smith, TMG vice president of marketing.
“FI issuers bracing for the impact of debit interchange regulation may be able to leverage this preference for larger production from their debit portfolios,” Smith said.
The company said its Black Friday analysis is based on data from its ClearTrend card portfolio analysis software.