The board of directors of MasterCard Inc (NYSE:MA) approved a 10-for-1 stock split on common stock  of the company, which means every shareholder will receive additional nine shares for every stock they own on record. The credit card company said it would distribute the shares on January 21, 2014.

MasterCard Inc (NYSE:MA) also increased its quarterly cash dividend by 83% to $1.10 per share , which will be paid on February 10, 2014 to shareholders on record  as of January 9. The board of directors also authorized new repurchase program worth $3.5 billion for its Class A common stock.

According to the company, the new repurchase program will start after the company completes its existing $2 billion repurchase program. It has $514 million remaining balance under its current shares buyback authorization as of December 5, 2013.

In a statement,  Ajay Banga, president and chief executive officer, MasterCard Inc (NYSE:MA) said, “Today’s actions reflect our ongoing commitment to deliver shareholder value as well as our confidence in the long-term growth and financial performance of our company.”

The shares of MasterCard Inc (NYSE:MA) climbed 3.46% to more than $791 after hours today following the announcement of its capital actions. Over the past 52-week range, the stock price of the credit company increased from $479.15 to $769.10, its highest price during the trading session on Tuesday, December 9.

Since its initial public offering (IPO) in 2006, the shares of MasterCard Inc (NYSE:MA) increased 20 fold from its offering price at $30 per share. Currently, the credit card company has approximately $92 billion market capitalization. Its 120 million outstanding shares will become 1.2 billion after the stock split, which would make its stock price to about $79.10 based on its current trading price.

MasterCard Inc (NYSE:MA) is the 12th company listed in the S&P 500 that decided to split its shares this year.