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Credit cards rise 10 pct to 1.2 million in June  

The number of personal credit cards issued by local banks rose 10.4 percent year on year and 2.2 percent quarter on quarter to 1.24 million at the end of June, the Macau Monetary Authority (AMCM) said.

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The number of personal credit cards issued by local banks rose 10.4 percent year on year and 2.2 percent quarter on quarter to 1.24 million at the end of June, the Macau Monetary Authority (AMCM) said in a statement Tuesday.

The statement attributed the increase to the rising number of dual and triple currency credit cards.

The number of pataca credit cards rose 10. 2 percent year on year to 878,598. The number of yuan credit cards increased 13.3 percent to 274,567. The number of Hong Kong dollar credit cards grew 3.8 percent to 90,213.

At the end of June, the cards’ credit limit granted by local banks reached 30.2 billion patacas, up 13 percent year on year.

Credit card receivables amounted to 2.5 billion patacas, of which the rollover amount (the transfer of debts from one credit card to another) stood at 774.7 million, representing 30.4 percent of credit card receivables.

The delinquency ratio (the ratio of delinquent amounts overdue for more than three months to credit card receivables) fell from 1.59 percent at the end of the first quarter to 1.49 percent at the end of the second quarter of this year.

For the second quarter, the credit card turnover totalled 5.5 billion patacas, up 12.1 percent year on year.

The cash advance turnover was 220.2 million patacas, accounting for 4 percent of total credit card turnover.

Credit card repayments, in which payments for interest and fees are included, rose 14.6 percent year on year to 5.4 billion patacas in the second quarter.

The AMCM statement noted that in Macau there were 2.2 credit cards per person on average in the second quarter. Credit card turnover stood at 4,400 patacas per card on average.

According to the Statistics and Census Bureau’s (DSEC) latest demographic data, Macau’s population stood at 656,700 at the end of March.

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