How Many Credit Card Transactions Per Day

How Many Credit Card Transactions Per Day

How Many Credit Card Transactions Per Day? With the rate at which credit cards are used by people all over the world, one wonders if there is a limit to which one can use a credit card. The answer to this is an immediate yes. This limit is set on the card and it clearly depends on the issuing company and the individual who is using the card. Some companies have their limit set up to half a million United States dollars, others have lesser limits. What is unknown is exactly how many transactions a card user can make in a day. With the way people spend, there is the tendency to make unbudgeted expenses and sometimes this is habitual and one needs to control their appetite for it.

So the question remains, do credit card companies limit their users to how many transactions they can make in a day?

This question is often asked not because companies necessarily have a limit but because of the insatiable tendency to spend and buy a lot of little things in the day.

In the United States alone, in a year like 2018 says credit card payments skyrocketed to forty-four billion, seven hundred thousand dollars, (USD 44.7 billion). This is per statistics from the Federal Reserve Payments Study of 2019. This was largely due to the way people spend with their cards and secondly the ability of the artificial intelligence behind credit card technology. It was estimated that within seconds, these credit cards could execute up to 5,000 transactions.

And in the year 2019, all the transactions done through credit cards totalled an amount of 36.9 billion dollars (USD 36.9 billion). Breaking this figure down to get exactly how many transactions were executed in a day makes it an interesting statistic worth considering.

The top 50 credit card issuing companies, that is, Visa and Mastercard alone had a whopping 31.2 purchases done. These were purchases that were successfully executed. And then there was another 5.66 billion executed from American Express. Lastly, the Discover credit card also got 2.72 billion dollars of transactions executed. Putting all these together and breaking them down into a daily transaction gives above 108.6 million transactions executed within a day in the United States of America alone. With such a rise in the usage of credit cards, one wonders if it is time to consider putting a limit on how many transactions one can make in a day.

With all this volume of transactions, there isn’t a limit yet to how many transactions a credit card user can make in a day. There is however a limit to the amount of money one can spend and pay back before a given due date. For now, this is what is in existence. As to whether credit card companies will set such a limit is unclear. There have been many schools of thought. Some are of the opinion that, since expenses made will be paid for and with interest, it would be in favour of the issuing companies that users spend. Others are of the opinion that setting such a limit will also help to keep credit card users in check so that they would not be spending anyhow. This would rather help card users and make them put a check on how to spend.

In conclusion, it would rather be a good thing for you the card used to set a limit to how you use credit cards each day as this would help you to regulate your spending habits and then put a cap on how you use your credit card. This will ensure that you don’t exceed the limit set by the company and also help you avoid unnecessary unbudgeted expenditures.