Visa Business Credit Card Spending at Over $100 Million for First Time
Visa announced today that spending on its business credit cards broke $100 billion dollars over the past 12 months. It’s the first time that credit cards targeted to small business have hit such levels. Small businesses made $103.5 billion in purchases with their Visa business credit cards in the year ending June 30, 2006, a growth rate of 32.2 percent.
For the second quarter of calendar year 2006, small business spending on Visa business credit cards totaled $28.9 billion, a 29.9 percent increase over the same period in the prior year. According to Visa’s numbers, small business spending grew 5.4 percent in 2005 to $4.7 trillion. Of that amount, only $300 billion is currently on credit cards.
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