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MasterCard’s U.S. credit card business, based on gross dollar volume, continues to grow at a 16% annual pace, down somewhat from the 19% growth rate for the fourth quarter but up slightly from the 15% pace for 1Q/02. During the second quarter, MasterCard added 11.9 million (net) new cards to bring its U.S. credit card portfolio to 252.1 million. On an account basis, MasterCard added 8.4 million net new accounts for a total of 198.9 million at mid-year. Outstandings for MasterCard credit cards, at mid-year, were $258.8 billion, according to CardData (www.carddata.com). MasterCard noted that charge-offs were up 33% on an annual basis.
MasterCard 2Q/02 Snap Shot
(U.S. credit card only; Y/Y Change)
Purchase Volume: $93.0 billion +15% Accounts: 198.9 million +15%
Cash Volume: $28.9 billion +20% Cards: 252.1 million +16%
Purchase Trans: 1.1 billion +15% Outstandings: $258.8 billion +16%
Cash Transactions: 24 million +4% Charge-offs: $4.6 billion +33%
Source: CardData (www.carddata.com)
PSCU Financial Services and Harland Financial Solutions, are partnering to offer “EasyToCUPayLink” to Harland Financial Solutions’ “ULTRADATA System” customers. This cooperative development effort means that Ultra-Access customers can offer branded Electronic Bill Payment and Presentment to their users via a single click.
Choice Hotels International and its 3,300 domestic Choice brand hotels have joined the United Airlines Mileage Plus frequent flyer program. Guests at all Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion and MainStay Suites brand hotels in the U.S. and Caribbean earn 250 miles per eligible stay, and guests at all Econo Lodge and Rodeway Inn brand hotels in the U.S. earn 150 miles per eligible stay.