Banks and companies like American Express (AXP) are having trouble with the credit card business because they actually loan money. Visa (V) does not. It simply acts as a middleman for the card transactions and that is still a good business, even in a tight credit environment.
Visa's net income was up 73 percent to $729 million, $0.97 per diluted class A share, for the period ended June 30. Backing out the benefits from the sale of the company's stake in VisaNet do Brasil, adjusted quarterly net income was $507 million, or $0.67. Wall Street's expectations were $0.64.