Credit Card Spending Surges, Retailers Slump |
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Today MasterCard (MA: 309.00 0.00 0.00%) raised its long-term net income growth to 20%-30% annually up from a previous 15%-20% and that revenue may grow an average 12%-15% annually, up from a previous 8% to 10%. This growth takes place as more consumers switch to credit card spending and away from cash or checks. It is now estimated that 55% of all US transactions will be done using cards, up from 40% in 2005. Visa (V: 85.25 0.00 0.00%) is the other big beneficiary of this growth, and as
Filed under: Fundamental
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