Visa: U.S. tax rebates boost spending

On April 29, Visa said its fiscal second quarter credit and debit card spending in the U.S. generally improved, which it attributed in part to increased tax refunds. Chief Financial Officer Chris Suh said in a conference call with analysts that Visa's payments in the U.S. increased by 8%, with debit card payments up 7%, and credit card payments up 10%. Both indicators grew faster than in the first quarter. Suh said: "Discretionary and non-discretionary spending remains strong. We don't see any signs of weakening spending power among low-spending consumers in transaction volumes." (East News Agency)