Visa 4Q profit rises 14 percent on heavy card use
News from The Associated Press:

Visa 4Q profit rises 14 percent on heavy card use

NEW YORK (AP) — Increased use of debit and credit cards throughout the world pushed Visa Inc.’s fiscal fourth-quarter profit up 14 percent.

But its quarterly revenue came in shy of Wall Street expectations, in part because because the company has been cutting deals with merchants to hold onto or attract business as it tries to cope with new regulations.

The San Francisco-based company said Wednesday that it earned $ 880 million, or $ 1.27 per share, for the three months that ended Sept. 30. That compared with $ 774 million, or $ 1.06 per share, in the year-earlier period.

Revenue rose 13 percent to $ 2.38 billion, up from $ 2.12 billion last year.

After the company repurchased shares, there were 5 percent fewer outstanding, which also boosted earnings per share.

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Related News:

Why banks want to wean you off debit cards
News from

updated 2 hours 30 minutes ago 2011-10-27T00:01:01

Debit cards are no longer the darling of the banking industry. That’s because new federal rules limit the “swipe fee” big banks are paid when you use their card. This could lower industrywide revenue from debit cards by billions of dollars a year.

One way some banks hope to get that money back is to charge their debit card customers a monthly fee. Another is to boost credit card use.

… Read the full article

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