Jon Perry
For the first time in Visa’s history debit card use surpassed Credit Cards in the fourth quarter 2008. On page 14 of Visa’s Form 8-K, filed on April 29, 2009, U.S. debit card volume was $206 billion, versus a credit card volume of $203 billion. The growth of debit cards was up 5.5%, while credit cards were down 6.9%.
Also interesting is the usage by the rest of the world in the fourth quarter, which had a debit volume of $38 billion and a credit volume of $228 billion. In this situation, debit card volume was up 5.9% and credit card volume down 1.6%.
For the entire year of 2008, debit card volume in the U.S. was $818 billion, up 12.6%. Credit card volume was $824 billion, up 2.1%. Almost an even split of debit and credit card usage.
Check with your merchant services company to ensure you are getting competitive rates.
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