More people used Discover credit cards for purchases during the second quarter of the year, according to the firm.
The company, which deals with merchant services-related operations, stated that total spending increased 5 percent to total $26.1 billion in the period from March to May. Despite the jump, the company’s profits during the second quarter dropped by 10 percent from the period before, The Associated Press reports.
The firm’s chief financial officer Mark Graf said that consumers were willing to spend more and that it would likely mean better results in the future.
“We feel as though there is, let’s just say, improved confidence more broadly, as exhibited by their willingness to pull their cards out of their wallet,’’ Graf said, according to the news outlet.
Discover made other news when it was ranked the No. 1 firm for online credit card service. The “2012 U.S. Credit Card Secure Website Rankings,” conducted by Forrester Research, found that the customers ranked the firm’s site ahead of industry competitors.Back To Blog