Macau | Number of credit cards issued up 10.3 pct in Q3

Owing to increasing demand for dual-currency and triple-currency cards, the number of total credit cards in circulation in Macau in the Q3 rose 10.3 pct when compared to the same period last year

Macau (MNA) – Owing to increasing demand for dual-currency and triple-currency cards, the number of total credit cards in circulation in Macau in the third quarter of 2018 rose 10.3 per cent when compared to the same period last year, the Monetary Authority of Macao (AMCM) stated on Wednesday.

The increase also represents a 3.2 per cent growth from the previous quarter.

The total number of credit cards issued by local banks stood at some 1.28 million at the end of the September – an amount that corresponds to nearly 1.95 cards per capita over a population estimated at 658,900 at the end of September.

Renminbi denominated cards showed the largest increase at 13.7 per cent to 285,727, followed by pataca (MOP) cards at 9.7 per cent to 903,711 and Hong Kong dollar (HKD) cards at 6.4 per cent to 93,294.

At the end of September, credit card credit limit granted by banks in Macau reached MOP32.5 billion, up 7.6 per cent from the end of June or 17.0 per cent from a year earlier.

Credit card receivables amounted to MOP2.5 billion, of which the rollover amount totalled MOP794.5 million, representing 31.6 per cent of credit card receivables.

The delinquency ratio – the ratio of delinquent amount overdue for more than three months to credit card receivables – remained unchanged at 1.49 per cent when compared to the previous period.

The credit card turnover for the third quarter totalled MOP5.6 billion, marking a rise of 2.5 per cent quarter-to-quarter or a 13.7 percent increase year-on-year.

The cash advance turnover amounted to MOP227.5 million, occupying 4.1 per cent of the total credit card turnover.

Credit card repayments, in which payments for interest and fees are included, rose 4.8 per cent from the previous quarter or 10.8 percent from the same period last year to MOP5.7 billion.

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