Two volume-weighted US card spend indices: one from Visa and Mastercard (the networks), one from the largest issuers.
Contribution = issuer weight (share of year-ago volume) × issuer YoY. Contributions add up to the index.
Like-for-like YoY in purchase volume. Hatched = left out of the index that quarter. • = flagged; hover or open the issuer for the reason. Click a row for detail. Source: company 8-K earnings supplements (SEC EDGAR).
Visa US payments volume and Mastercard US purchase volume, each network's reported YoY (first print). Both exclude cash access and include commercial cards. Visa fiscal quarters are mapped to calendar quarters (Visa FQ1 = Oct–Dec). Source: Visa Operational Performance Data; Mastercard 8-K earnings releases.
Visa ÷ (Visa + Mastercard), US purchase volume, $bn. Debit share moves with portfolio migrations (Capital One debit to the Discover network from 2025, Citizens to Mastercard in 2024) and Durbin routing (2023), so single-network debit growth can mislead. Same sources as above.
Issuer index. Like-for-like YoY growth in US card purchase volume across JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Capital One, American Express (US Consumer Services) and Synchrony, plus Discover through 1Q25. Each issuer is weighted by its share of the group's year-ago volume, so the index equals total current volume over total year-ago volume for the issuers included that quarter.
Network index. Visa US payments volume plus Mastercard US purchase volume, combined the same way from each network's reported YoY. Most issuer volume runs on these networks, so the two indices are shown side by side and never added together.
Real. Nominal growth deflated by CPI-U (all items, SA) YoY for the quarter's average: (1 + nominal) ÷ (1 + CPI) − 1.
Level. Same quarter of 2019 = 100, chained by YoY. This removes seasonality and shows cumulative growth since before COVID. The issuer index starts in 2020 because the dataset starts in 1Q19.