With 497.2 million credit cards in circulation, Visa USA reports an increase of 9.8% from a year earlier. Visa claims the fastest growth was in online transactions.
Sales; however, fell 6.4 percent from the fourth quarter's $340 billion, which includes the holiday shopping season, and cards outstanding fell 2.7 percent from 510.9 million cards at year end.
U.S. consumer credit card sales volume rose 10.1% in the first quarter to $136.6 billion, while check card volume rose 17.6% to $109.8 billion.
Commercial and small business card volume rose 27.4% to $39.5 billion, and Interlink online debit volume increased 43.1% to $32.3 billion.
MasterCard Inc. - Visa's largest rival, is expected to soon raise up to $2.61 billion in an initial public offering of shares.
MasterCard stated it may offer up to 61.5 million shares at $40 to $43 each.
Visa is the largest U.S. credit card association. Other credit card rivals include American Express Co., Morgan Stanley Chase, and Discover.
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