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Credit card spending grows

As at the end of 2016 the city saw more credit cards in circulation, higher credit limits granted and more money spent using credit cards

Total credit card turnover in the city registered a quarter-to-quarter increase for the fourth quarter of 2016 as the total credit limit granted rose in the same period, according to the latest official data released yesterday by the Monetary Authority of Macau (AMCM).
During the three months, credit card turnover reached some MOP5.02 billion (US$627.5 million), up 7.2 per cent compared to the MOP4.68 billion of the third quarter of 2016. On a year-on-year comparison, the amount represents an increase of 5.7 per cent.
Of the total turnover, that of cash advances was slightly down – by 2.1 per cent – to MOP216 million from MOP220.66 million one quarter ago, accounting for 4.3 per cent of total credit card turnover. Compared to the same period of 2015, total cash advances turnover had decreased marginally by 0.2 per cent.
On the other hand, the local banking sector extended MOP25.3 billion of credit limit as at the end of last year, rising 5.4 per cent quarter-to-quarter from MOP24 billion in the third quarter. The amount surged by 19.7 per cent year-on-year.
Total credit card receivables jumped by 9.5 per cent quarter-to-quarter, or 6.1 per cent year-on-year, to MOP2.5 billion. Of the total, rollover amounted to MOP740.5 million, an increase of 3.1 per cent quarter-to-quarter or 10.2 per cent year-on-year.
Receivables overdue for more than three months decreased by 12.1 per cent to some MOP30.3 million from the previous quarter yet still saw 13.4 per cent growth compared to one year ago.
Total credit card repayments, in which payments for interest and fees are included, grew 1.6 per cent from the previous quarter to MOP4.87 billion in the three months, which, compared to one year ago, rose by 6.3 per cent.

Cards in circulation
As at the end of the quarter, some 1.06 million credit cards issued directly or indirectly by local banking sector were in circulation in the territory, an increase of 2.7 per cent quarter-to-quarter, or a growth of 14.4 per cent year-on-year.
Among the cards, the majority, 70.5 per cent, were Pataca (MOP) cards, amounting to 747.2 million, an increase of 2.3 per cent quarter-to-quarter. The number of Hong Kong Dollar (HKD) cards and Renminb (RMB) cards in circulation grew quarter-to-quarter by 4.5 per cent and 3.4 per cent to 91.57 million and 220.66 million, respectively.
As compared to one year ago, the number of MOP, HKD and RMB cards all witnessed double digit growth, up by 12.2 per cent, 13 per cent and 23.2 per cent, respectively. AMCM explained that the increases are due to the growth in dual-currency and triple-currency cards.
According to official data, there were some 209.1 million MOP/RMB dual-currency cards in circulation in the city as at the end of the year, soaring 17.9 per cent year-on-year and 2 per cent quarter-to-quarter.