Christmas Credit Card Spending
Americans will likely use general purpose credit/debit cards and store credit cards to charge nearly $135 billion in retail sales this holiday season. While overall spending via all payment means will rise between 5.0% and 7.5%, the figure for payments cards will increase about 12.3% above last year. Signature debit card use is expected to soar by more than 25% while store credit cards will generate fewer sales this year, about 5% less. Credit card volume is running about 11% above last year. Consumers will likely rack up more than $85 billion in holiday sales on VISA, MasterCard, American Express and Discover credit cards. The National Retail Federation says total holiday retail sales are expected to increase 5.0% this year to $457.4 billion. VISA USA estimates overall retail sales (excluding auto sales) for the 2006 holiday season will grow 7.5%. For more information visit: www.carddata.com