Visa, Mastercard Still Have Bulls Charging

And in the last six months both Visa and MasterCard have increased certain fees they charge to financial institutions, according to Moussa.

"Besides the competition amongst themselves that the networks are going through and the recession, in which they have been almost bulletproof, I don't see anything that can really hamper their march," Moussa says, noting opportunities to capture electronic transactions in other big markets such as India and China.

Deutsche Bank analyst Christopher Mammone says in a note he expects "solid displays of earnings power" by both companies due to the "massive leverage inherent in the transaction-based models" and an ability to aggressively cut costs. He rates both companies with a buy.

Mammone acknowledges that declines in debit spending could be a risk for Visa, but recent data suggests that debit volumes "remained relatively stable" vs. the quarter ending in March, he writes. For MasterCard, Mammone expects an "outsized boost to revenue from pricing, as MasterCard enjoyed dual benefits of a new fee implemented in U.S. in mid-April and new fees in Europe introduced last October," he writes.

Visa will record a large gain in the quarter due to the sale of shares in its Brazilian affiliate, which went public during the period. Visa's proceeds from the sale are approximately $1 billion, roughly half of which it will retain after taxes, it said. (The company will record a GAAP one-time gain from the sale of approximately $235 million after taxes.)