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News Now

CU System
TMG Black Friday transactions dominated by debit
DES MOINES, Iowa (12/15/10)--The Members Group (TMG) has released its Black Friday data, and the numbers confirm what the Federal Reserve has already declared: Debit is king of the transaction world. Of the card transactions processed by TMG the three days following Thanksgiving, nearly 80% were debit. The total number of debit transactions, as well as the total dollar amount of all debit transactions, each increased by 10% from 2009. TMG clients’ cardholders collectively spent more than $31.9 million during this year’s Black Friday weekend on their credit and debit cards, an increase of nearly 8% from 2009. While the total amount spent on credit cards increased less than 1%, over 2009, the amount spent on debit cards rose by more than 10%. “TMG clients’ cardholders are mirroring the American consumers’ inclination to use their debit cards,” said Sara Petty, TMG’s senior vice president of client development. “Debit interchange regulation is bound to have an impact on our clients, interchange revenue. It will become important to continue increasing the number of debit transactions overall in order to minimize and overcome the gap created by a decrease in interchange.” As with 2009’s Black Friday weekend, TMG clients’ cardholders made larger purchases with their credit cards this year. The average credit card transaction among TMG clients’ cardholders this Black Friday weekend was $76, while the average debit transaction was nearly half that at $43. TMG is a credit union service organization owned by Iowa credit unions and their members.


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