MasterCard 1Q spikes as shoppers reach for plastic

PURCHASE, N.Y. (AP) - MasterCard Inc. says its first-quarter profit rose 24 percent, with more people reaching for the plastic as the economy rebounds.

The payment processor said Tuesday it earned $455 million, or $3.46 per share, on revenue of $1.3 billion.

That tops the $3.14 per share Wall Street was expecting and the company's stock is up nearly 3 percent to $257.65 in premarket trading.

The healthier profits reflect 5 percent growth in the number of transactions processed, and an 11 percent increase in MasterCard's international volume. The company also says its prices rose about 5 percent during the period.