MasterCard’s U.S. credit card business, based on gross dollar volume, continues to grow at a 16% annual pace, down somewhat from the 19% growth rate for the fourth quarter but up slightly from the 15% pace for 1Q/02. During the second quarter, MasterCard added 11.9 million (net) new cards to bring its U.S. credit card portfolio to 252.1 million. On an account basis, MasterCard added 8.4 million net new accounts for a total of 198.9 million at mid-year. Outstandings for MasterCard credit cards, at mid-year, were $258.8 billion, according to CardData (www.carddata.com). MasterCard noted that charge-offs were up 33% on an annual basis.
MasterCard 2Q/02 Snap Shot
(U.S. credit card only; Y/Y Change)
Purchase Volume: $93.0 billion +15% Accounts: 198.9 million +15%
Cash Volume: $28.9 billion +20% Cards: 252.1 million +16%
Purchase Trans: 1.1 billion +15% Outstandings: $258.8 billion +16%
Cash Transactions: 24 million +4% Charge-offs: $4.6 billion +33%
Source: CardData (www.carddata.com)