Visa Credit Card Payment Volume Up 11 Percent YTD
The good news continues for the credit card industry.
Yesterday, Visa reported that its credit card payment volume in the United States for the first two months of the year was up 11 percent compared to 2012 levels.
Debit card payment volume during January and February declined 3 percent versus last year.
Hence, Visa’s aggregate payments volume during these two months grew 3 percent above 2012.
Visa’s positive news follows some encouraging news from Fitch Ratings. Fitch reported that the delinquency rate on retail credit card accounts declined in February to 1.61 percent, the lowest level since Fitch began its prime index in 1991. In addition, charge-offs reached a six-year low, declining from 4.18 percent in January to 3.88 percent in February. The February charge-off rate is 26 percent lower than February 2012 levels.