The first quarter of 2012 saw strong results from US Bancorp, one of the largest credit card issuers, based on purchase volume. Strong growth was also seen from JP Morgan Chase and Citigroup. Analyst Jason Kupferberg believes these strong results could mean that both Visa and Mastercard also had a strong quarter.
USBs credit volume growth was 9.8% over one year. Also, USBs debit card growth was up 8.4% over the last year. Kupferberg believes that because most of USBs card portfolio is Visa, this growth will also reflect growth at Visa.