Credit card gross volume for Visa, Mastercard, American Express and Discover credit cards, the Major 4, in the U.S. climbed 8.6% year-on-year (YOY) in the fourth quarter (4Q/18), compared to 10.1% YOY for 4Q/17, reaching $1007 billion in gross dollar volume (GDV), according to figures collected by CardData.
Major 4 Q4 Analysis
This is the first time U.S. credit card GDV by the Major 4 topped $1 trillion. Mastercard led the peer group in the fourth quarter, as the only network posting a double-digit YOY gain for U.S. GDV, according to analysis by RAM Research.
Major 4 YOY Gains
Visa reported an 8.3% YOY gain with fourth quarter U.S. credit card GDV of $533 billion, compared to a revised $513 billion for 3Q/18 and $492 billion for 4Q/17. Visa credit card GDV grew 10.8% YOY for 4Q/17.
Mastercard posted a 10.1% YOY gain with fourth quarter U.S. credit card GDV of $228 billion, compared to $213 billion for 3Q/18 and $207 billion for 4Q/17. Mastercard credit card GDV grew 9.5% YOY for 4Q/17.
American Express posted an 8.5% YOY boost for the fourth quarter. U.S. credit card GDV was $205 billion, compared to $195 billion for 3Q/18 and $189 billion for 4Q/17. American Express credit card GDV grew 8.6% YOY for 4Q/17.
Discover reported a 5.1% YOY gain with fourth quarter U.S. credit card GDV of $41 billion, compared to $39 billion for 3Q/18 and $39 billion for 4Q/17. Discover credit card GDV grew 11.4% YOY for 4Q/17.
U.S. Consumer Debt
Consumer revolving debt, mostly credit card debt (95%), remained above the $1 trillion level for the sixth consecutive quarter. However, the year-over-year change in U.S. credit card debt, slowed dramatically in the last three months of 2018, from a revised 11.6% in October, to a revised 5.6% in November and 2.0% in December.
U.S. Major 4 U.S. Credit Card GDV
(Visa + Mastercard + American Express + Discover)
4Q/16: $842 billion
4Q/17: $927 billion
4Q/18: $1007 billion
Visa U.S. Credit Card GDV
4Q/16: $444 billion
4Q/17: $492 billion
4Q/18: $533 billion
Mastercard U.S. Credit Card GDV
4Q/16: $189 billion
4Q/17: $207 billion
4Q/18: $228 billion
American Express U.S. Credit/Charge Card GDV
4Q/16: $174 billion
4Q/17: $189 billion
4Q/18: $205 billion
Discover U.S. Credit Card GDV
4Q/16: $35 billion
4Q/17: $39 billion
4Q/18: $41 billion
Source: Visa, Mastercard, Discover, American Express, CardData, RAM Research