Credit Card Data: Best Credit Card Transaction Databases
Credit card transaction data is used for customer behavior and retail spend analysis. Retailers and businesses use credit card transaction datasets for payment transaction analytics. Use Datarade's marketplace to buy and sample data from credit card data providers. Learn more
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The Ultimate Guide to Credit Card Transaction Data 2023
Swipe for Data Success: The Ultimate Guide to Credit Card Transaction Data 2023
When’s the last time you used a credit card? Probably yesterday, or today, or even this morning to get a coffee. Now think about how many people would give that same answer. Struggling to imagine a number? Try roughly 1.01 billion credit card transactions per day. That’s 368.92 billion a year, and it’ll be more next year, and even more the year after that.
Now imagine how much information you could extract from those transactions. The data capture possibilities are as endless as the list of things you can buy with a credit card these days. But who wants that information, and how would you even begin to get it? Well, read on, and you’ll find out in this Ultimate Guide to Credit Card Transaction Data.
What is Credit Card Transaction Data?
Credit card transaction datasets tell you about consumer purchases. It also shows you how frequently they use their card and how much they spend. As such, transaction data enables companies to forecast future spending habits.
> CONTEXT: The rise of contactless
> The pandemic caused businesses worldwide to move from cash to contactless payment systems. This remains even in the post-pandemic economy. Instead of cash, more customers are using credit cards to pay contactless. Popular credit card providers include Visa, Mastercard, and American Express (AMEX).
In the past ten years, 73% of the US population minimized its use of cash. Equally, consumers are making more and more e-commerce and contactless payments. By 2026 these payment methods are estimated to rise by over 12%. Incentive and reward programs have also increased the use of electronic cards.
What is Credit Card Transaction Data analysis?
Credit card transaction datasets allow businesses to analyse consumer behavior.
Credit card transaction data analysis reveals a range of consumer insights. Common metrics which are interesting to business include:
- Spending habits
- Basket composition
- Share of wallet
- Preferred payment method
Usually, sales teams and data analysts are responsible for transaction data analytics. With enough anonymized credit card user data, they’re able to identify trends and make forecasts. Credit card transactions datasets reveal historical spending trends. The same database can form the basis of market predictions. For example, data analysts might identify that consumers are reducing their monthly credit card spend. From here, the can forecast whether this trend will continue and adjust prices according to consumer habit.
What kind of data points does a Credit Card Transaction dataset include?
Since the pandemic, there’s been a surge in credit card transactions. This means credit card spending datasets are more comprehensive than ever. Credit card data providers like Facteus offer a transaction database including over 15 million US debit and credit cards.
Most credit card transaction data providers capture the following data points:
- Product SKU
- Card issuer/payment method
- Any discounts applied and the method utilized during the payment.
What is counted as a transaction?
A transaction is any commercial interaction between a customer and a seller. It normally refers to the point at which a customer pays for a good or service. Even if the funds don’t leave the customer’s account at this specific time, the transaction is recorded. For this reason, ‘transaction’ often denotes the contract confirming purchase before financial transfer.
Likewise, ‘transaction’ can refer to a refund, as well as a purchase. In this instance, the dynamic reverses. In practice, this means the seller or merchant returns funds to the buyer.
Who uses Credit Card Transaction Data?
Transaction data is useful for all B2C businesses, both brick-and-mortar and ecommmerce. These businesses use transaction data for many applications. Firstly, to get new insights into consumer spending. With enough anonymized credit card user data, clear spending patterns begin to emerge. From there, predicting a consumer’s next purchase decision is no longer guesswork. Instead, decision are informed by transaction data enrichment and analysis.
Retail & hospitality businesses
Retail and hospitality companies often use transaction datasets. Transaction data enables these businesses firstly to understand them consumer transaction habits. After this, retailers & hospitality customers can segment customers according to their spending habits. Then they’re able to predict future spending. This way, they can estimate future company performance even before transactions take place.
Credit card transaction data also helps retail and hospitality businesses develop pricing strategies. Companies can price their products and services competitively based on customer spending. Importantly, financial transaction data providers remove PII (personally identifiable information) from their datasets. So any transaction database a retail or hospitality company buys is aggregated. This ensures businesses are 100% privacy-compliant when sourcing data to inform business decisions.
Economic researchers & forecasters
Credit card data reveals lots about average customer consumption and spending behavior. Looking at a credit card transaction data panel for a national population tells you about the country’s economy. For example, it indicates how much consumers are willing to spend on or goods and services. Their consumption and spending behavior correlates to affluence levels across the country.
Retailers and financial institutions utilize credit card transaction data to analyze consumer finances.
Transactional data allows marketers to segment and target particular customers. Segments could be based on how frequently and in what quantity they spend using credit card. On a more granular level, segments can be defined by the transaction method i.e. card issuer.
In a digital marketing context, credit card datasets are used for consumer data enrichment. Most often, enrichment is to build precise audience segments. For instance, a segment of consumers more likely to purchase particular items, like shoes. The transaction dataset will help marketers identify prospects. When these shoe-buyers are online, digital marketers can target them with segment-specific ads.
Dataset-informed decisions are vital for advertisers to reduce overhead and drive ROI. Ad campaigns informed by credit card transaction data enable retailers to save money in the long-run. Transaction data makes ad campaigns more successful. Transaction datasets empower advertisers to efficiently tailor adverts and incentives to individual consumers. Tailoring adverts to customer spend patterns aids customer retention and supports company growth.
Credit card data providers can also organize a credit card transaction dataset according to regional codes. This makes location-based marketing more accurate. It also ensures demographic analysis of consumers in a given region is data-driven.
How do banks use Credit Card Transaction Data?
Banks have been recording transaction data since the 1960s. The main reason banks use transaction data is to retain customers and prevent churn. By creating the most satisfactory banking experience, banks stay ahead of competition. For example, credit card transaction data shows payment methods used most frequently by customers. This way, banks can support newly emerging payment arrangements.
Recent technological advances have revolutionized banking capabilities, as well as influencing consumer behavior. In addition to traditional credit or debit cards, there has been a steady increase in alternative payment methods. There has been a rise in the number of people using VisaCheckout or Masterpasses. Equally, there has been an over fourfold increase in the number of people using PayPal since 2010. By analyzing consumer spending data and payment method data, banks can create a complete picture of a customer. Data on previous spending habits and payment methods helps banks make well-informed predictions. For exmaple, predicting increased customer demand for a certain service or product. Banks are then able to offer helpful payment arrangements so consumers can afford it.
They’re also able to create banking experiences more satisfactory than market competitors. A real-time transaction data panel allows banks to adapt to the evolving digital market. They can integrate new payment systems to create a seamless banking experience. ensuring customers remain loyal and feel encouraged to make more purchases with their bank. From here, banks can immediately optimize their customer satisfaction operations. They’re able to reduce customer pain points based on credit card transaction data.
How can Credit Card Transaction Data be used to detect fraudulent activity?
Credit card transaction data can be used in KYC and fraud prevention strategies. ‘Credit card fraud’ refers to transactions made which are not authorized by the cardholder. From 2011 to 2020, global financial losses to fraud rose and are set to increase by 25% by 2027.
One way to detect fraud is through preventative, surface-level analysis for unusual transactions. For example, payments over a certain amount, or for transactions carried out in abnormal locations. However, a more efficient way for banks to detect fraud is by using credit card transaction data to create datasets. With AI, MasterCard has developed a system to track different credit card transaction variables such as size, time, location, and payment method.
Banks use credit card transaction datasets alongside AI to build fraud prevention systems. The system detects abnormal activity. Then it makes a real-time assessment of whether the transaction in question is fraudulent. Here, historical transaction data ensures fraud is detected before it happens. So buying transaction data minimizes fraudulent activity and prevents financial losses.
Which companies sell Credit Card Transaction Data?
External data providers
Data providers and aggregators collect consumer transaction information from the point of sale. They then supply anonymized credit card data panels via datasets and APIs.
Visa, Mastercard, and American Express are major credit card providers. They also connect users to aggregated panels of real-time transaction data. These panels capture the millions of transactions which take place every minute using these brands of credit cards. Transaction datasets from these companies undergo strict anonymization procedures. The datasets are available at scale. Visa, Mastercard and Amex provide some of the best commercial credit card data panels available on data marketplaces.
There are strict privacy laws, including GDPR and CCPA, surrounding credit card transaction data. They’re designed to protect the user, as with public websites and apps. For this reason, credit card issuers only ever sell anonymized and aggregated transaction data. They operate on a consent-managed basis. This means users can monitor which data they share with banks and issuers. Users can opt-out whenever. All credit card transaction data which verified providers sell is hashed, meaning it is stripped of PII.
Do banks sell Credit Card Transaction Data?
Historically, banks focused on compiling the demographic data of an individual customer. However, online banking has increased the scope of credit card transaction datasets. Online banking is a source of transaction data at scale. It captures credit card usage and so monitors consumer spending habits.
As with credit card issuers, banks must also follow strict privacy regulations to protect their customers’ data. This means that credit card transaction data is hashed and anonymized. This ensures the data is consent-compliant and in line with GDPR and CCPA regulations. Banks can then sell aggregated transaction data.
What are the sources of Credit Card Transaction Data?
Major credit card providers include Visa and Mastercard.
Visa and Mastercard credit card issuers authorize and process credit card transactions. Because they supply first-party data, they’re some of the best sources for credit card transaction databases.
Visa is the largest credit card company. The Nilson Report revealed how over 300 million Visa credit cards were circulating globally in February 2020. This huge scale means Visa credit card transaction data spans hundreds of vectors and geographical regions. For this reason, Visa data analysis allows users to make more informed decisions to support company growth.
According to the same February 2020 study, 243 million Mastercards were also in circulation. Mastercard transaction data delivers cards and payments market intelligence for consumers globally. Mastercard’s credit card transaction datasets make granular credit card analytics possible. For example, basket composition intelligence and individual consumer spending habits.
Some companies such as PayPal are a beneficial source of credit card transaction data for merchants. PayPal’s Payment Data Transfer relays customer transaction data directly to merchant websites. The purchase information can help when updating business databases. These are only eligible for merchants who comply with Level 2 or Level 3 (PCI compliance) transactions. Transactions that fall under Level 1 qualify as regular card transactions.
Card companies must ensure PayPal data is accurate. For this reason, companies perform strict verification procedures for data collected at either Level 2 or 3. The verified data is eligible for incentive rates because it is more accurate.
The levels refer to the amount of credit card usage data collected per transaction. The higher the level, the more data is collected. Level requirements usually differ between financial transaction datasets. In general, they’re similar to the following offered by PayPal:
Any merchant who accepts credit cards complies with this level. It functions like a Visa or Mastercard and is authorized and associated with the same transaction data.
At the point of sale, data surrounding the sale, such as tax, customer code, purchase number, and invoice number, is captured. Most of the time it is combined with the merchants’ information such as Tax ID number, state, and postal code data.
Additional information on the actual product or service is shared. Additional data points to Level 2 include:
- Line items
- Product codes
- Item description
- Unit price
How much Data does a Credit Card Transaction take?
The amount of data collected from a credit card transaction varies between POS (Point-of-Sale) systems. For example, data captured from brick-and-mortar transactions comes from a credit card’s magnetic strip. This is different to online transactions conducted using an ISO. However, typically, the average amount of data collected during a credit card transaction is below 1KB. Each commercial credit card transaction dataset includes:
- Transaction value
- Volume of transactions
- Merchant ID
- Merchant HQ location
- Ecommerce site domain
- Industry good/service belongs to
Before buying credit card transaction data online, it’s important to consider the volume of data you need for your analysis.
Is Credit Card data personal data?
Credit card datasets which are available to buy from data marketplaces are subject to data protection laws. This means that they must not include PII if this is in violation of GDPR or CCPA. To remove personal data, data providers aggregate attributes like names and contact information. This way, the raw data is clean and privacy-ensured. It can then be bought as part of a transaction data panel.
Is Credit Card Data encrypted?
A commercial credit card transaction dataset from a data marketplace will be privacy-secure. This means that consumer details are aggregated but not encrypted. This way, you can put the data to work once you buy the transaction panel without waiting for de-cryption.
How far back can Credit Card statements go?
In the form of credit card statements, historical transaction data is kept for over 5 years. However, this is the minimum, and it is typical for banks to keep a record of credit card statements for around 7 years. Even once an account is closed, electric records continue to show credit card transaction data. It is also possible for credit card users to access older transaction statements by contacting the credit card issuer.
Bank statements are a valuable source of historical credit card transaction data. Many consumer transaction and commerce data providers collate datasets using aggregated bank statements. Businesses purchase credit card transaction data because it shows consumer spending trends. For this reason, it’s important that the historical lookback is far-reaching. The data needs several years of historical coverage to provide a comprehensive picture. This is why bank statements are a great source of credit card transaction data: they go back several years. As a result they provide reliable insights for revenue forecasting. Credit card statements can even support product development & supply chain management.
What are typical Credit Card Transaction Data attributes?
Data attributes refer to what the dataset looks like. In other words, which kinds of information a data user will find there. For credit card transation data, the attributes of an API or database are usually the following:
- Private label payment
- Private label payment-void
Which types of credit cards appear in a Credit Card Dataset?
- Standard (Mastercard, Visa, Discover, AmEx)
- Pre-paid (Mastercard, Visa, Discover, AmEx)
- Corporate purchasing cards
- Private label cards
How is Credit Card Transaction Data collected?
Whenever a customer uses their credit card, the bank and card issuer captures the transaction. This purchase could be an online payment or their weekly groceries. Data providers and aggregators collect transaction information from banks. These third-party suppliers supply anonymized credit card data via datasets and APIs.
Typically, credit card companies, merchants, and banks collect transaction data at the point-of-sale. Real-time transaction data is captured as the funds leave the consumer’s bank and are passed onto the merchant. Data providers de-identify the customer’s personal information from the source transaction. Only financial data is collected, ensuring the data is secure. Providers then deliver the anonymized data via credit card transaction data APIs or databases.
How to buy Credit Card Transaction Data?**
Credit card data is for sale via the Datarade platform. Credit card data providers offer sample credit card transaction datasets. This way, you can test that the data fits your requirements before you buy a dataset or API subscription.
How is Credit Card Transaction Data typically Priced?
Typical pricing models include:
- *Pay per batch** - pay for a single-use dataset of historical transaction data
- *Subscription fee** - access a real-time API for a recurring fee
- *Custom quotes** - tailored offering for your specific needs
Many businesses choose to sample transaction data before they buy credit card data. This allows them to assess the data quality and relevancy before they commit to a data purchase.
How much does Credit Card Transaction Data cost?**
The cost of credit card transaction data varies - there are lots of different transaction data pricing models. For example, buying a one-off dataset may cost more than a data subscription. Subscribing to an API means you make regular payments to receive credit card data via a constant stream or feed.
# What to ask a Credit Card Transaction Data provider?
Questions to ask credit card data providers include:
- How often is the credit card data updated?
- Can the data be customized to meet the needs of my business? This will vary depending on the industry of your business: retail, ecommerce, D2C, etc.
- Will the data integrate with my existing business technologies? This could be your CRM system, as well as other data enrichment tools.
- Do you provide additional services, such as transaction data analytics or a credit card data model?
Where can I buy Credit Card Transaction Data?
Data providers and vendors listed on Datarade sell Credit Card Transaction Data products and samples. Popular Credit Card Transaction Data products and datasets available on our platform are Credit card/ Debit card spend data, number of transactions, transaction by shop type by TagX, Transaction Data at Individual POI | Spend Patterns | US Credit Card/Debit Card Transaction Data by SafeGraph, and QueXopa Debit & Credit Card Transaction Data (Spain) by QueXopa.
How can I get Credit Card Transaction Data?
You can get Credit Card Transaction Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Credit Card Transaction Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Credit Card Transaction Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Credit Card Transaction Data?
Credit Card Transaction Data is similar to Point-of-Sale (POS) Data, Loyalty Card Data, Consumer Transaction Data, Debit Card Transaction Data, and Bank Transaction Data. These data categories are commonly used for Marketing and Hedge Funds.