MasterCard Surpasses VISA for Cards in Force

Source: CARDFLASH (Daily Payment Card News by CARDWEB.com)

Word out of the United States is that MasterCard has overtaken VISA as the largest credit card brand in that country. According to data tracked by CardData (www.carddata.com), MasterCard had 264.2 million credit cards-in-force, compared to VISA's 259.0 million cards at the end of September 2002. MasterCard narrowed a first quarter gap of 20 million to 8.9 million in the second quarter, before overtaking VISA in the third. Based on card volume, VISA remains the largest credit card brand in the United States. VISA reported credit card volume of $156.8 billion in the third quarter, compared to MasterCard's $126.1 billion.

MasterCard's card base is now growing at an annual rate of 15 per cent in the United States, while VISA's growth is about 1.5 per cent annually. MasterCard International President Ruth Ann Marshall attributes the growth to a payment card strategy put in place several years ago and its "Priceless" advertising campaign.