Monthly credit card spending hits 3rd highest level last November

Credit card spending in Taiwan last November reached the third highest monthly level in the country's banking history, according to the Financial Supervisory Commission (FSC).

Credit card holders in Taiwan spent NT$212.5 billion (US$6.64 billion) in November last year, up 6.46 percent from a month earlier and 14.93 percent from a year earlier, the FSC said.

It was the third highest figure in Taiwan's banking history, after the NT$263.5 billion recorded in June 2016 and NT$242.5 billion in June 2015.

Chuang Shiu-yuan (???), deputy director of the FSC's Banking Bureau, said the increase in credit spending last November resulted partly from aggressive promotional campaigns launched by department stores to celebrate their anniversaries.

In addition, many travel agencies unveiled programs for the winter holiday and the Lunar New Year holiday, prompting early birds to get out their credit cards, Chuang said.

In the first 11 months of 2016, credit card spending in Taiwan totaled NT$2.2 trillion, which was close to the record NT$2.231 trillion spent for the whole of 2015, the FSC said.

As of the end of November 2016, there were 36 authorized credit card issuers in Taiwan and 26.87 million cards, the FSC said.

It said that in November 2016 alone, overdue credit card debt totaled NT$440 million and the overdue loan ratio was 0.26 percent among the 36 issuers, compared with a debt of NT$320 million the previous month and an overdue loan ratio of 0.28 percent.

Electronic credit-card payments totaled NT$6.47 billion last November, down 5.27 percent from a month earlier but up 12.33 percent from a year earlier, according to the FSC.

It said six firms, including two banks, were conducting third party electronic credit-card payment business in Taiwan as of the end of last November.

Source: Focus Taiwan News Channel