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MasterCard Says Card Use Increased, Repurchases 300,000 Shares

Feb. 17 (Bloomberg) -- MasterCard Inc., the world’s second-biggest payments network, said processed transactions climbed 10 percent globally through Feb. 14 and that it bought back about 300,000 of its shares.

Card spending in the U.S. rose 3 percent and purchases by cardholders traveling abroad surged 17 percent through mid-February, Chris McWilton, president of U.S. markets, said today during an investor conference. The Purchase, New York-based company bought back about $75 million of shares, he said. MasterCard is authorized to repurchase $1 billion in stock.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net; Rick Green at rgreen18@bloomberg.net

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