FREDERICK, Md. — U.S. consumers will spend a record amount of money on their credit card purchases this year, according to a prediction from CardData, a firm which tracks credit card trends.
The organization reported that American cardholders will likely make nearly $1.3 trillion in credit card purchases this year on Visa and MasterCard. Adding in American Express and Discover could push the figure to more than $1.7 trillion.
The firm's data showed that Visa U.S. credit card purchase dollar volume is growing at a 13% annual rate compared to MasterCard's 10%. During the second quarter of this year Visa posted $190 billion in consumer credit card purchase dollar volume, compared to MasterCard's $129 billion. Visa had $153 billion in consumer credit card purchase dollar volume and $37 billion in commercial credit card volume.
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