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February 5, 2010

Credit card firms feel consumers' pain

  • Credit card use dropped nearly 8 percent in the U.S.
    • By EILEEN AJ CONNELLY
    AP Business Writer

    PURCHASE, N.Y. — MasterCard said Thursday its fourth-quarter profit jumped 23 percent as the company raised its fees to offset fading credit card use in the U.S.

    Yet MasterCard's performance paled in comparison with its rival, Visa, which is better positioned to handle a huge shift in consumer behavior as shoppers put away credit cards to save money.


     
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