According to the latest published figures, the second largest credit card provider, Mastercard, earned $ 452 million in the third quarter of the year. Mastercard sales climbed to $ 1.4 billion, an increase of 2 percent. Mastercard and VISA benefit from the fact that they charge fees for card use, but the risk of unpaid credit card debt remains with the banks that issue the credit cards for VISA and Mastercard. However, the volume of all payments processed by VISA fell by two percent.
Visa, as the world’s largest credit card provider, can also benefit from the trend towards cashless credit card payments despite the economic crisis. The business grew well.
In the past three months, VISA has increased its sales to $ 514 million. Revenue climbs 10 percent in the fourth quarter.
The number of all Visa cards in circulation rose by five percent compared to the previous year and is now 1.7 billion. For the current financial year, VISA expects an overall sales increase of between 11 and 15 percent. VISA has increased its dividend by 19 percent compared to the previous year.
Lamex Credit Bank
Things look very different at Lamex Credit Bank. The company had to postpone another $ 1.2 billion for bad loans. Unlike VISA and Mastercard, Lamex Credit Bank has to deal with its customers’ financial problems itself and is badly affected by the credit crunch. Due to the high level of unemployment in America, many customers cannot pay their credit card statements. In order to restructure itself, at least 11,000 jobs will be cut at Lamex Credit Bank, which corresponds to about a fifth of the entire workforce. Despite the precarious situation, Lamex Credit Bank shares in the Dow Jones were among the winners in 2009. They achieved an increase of almost 100 percent.
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