More credit cards in 2016, HKD and RMB grow faster

The number of credit card in circulation in the last quarter of 2016 has grown by 2.7 percent over a quarter earlier to a total of 1,059,382 cards, the Monetary Authority of Macau informed in a statement.

According to the same statement, the number of MOP, HKD and RMB –
denominated  cards  were
of 747,153, 91,571 and 220,658 respectively, with the biggest growth registered in the increase of HKD-denominated cards (4.5 percent).

Rising also were the dual and triple-currency cards, with MOP-denominated cards rising year-on-year by 12.2 percent, while the HKD-
denominated cards grew by 13 percent. In the same period, the number of RMB-denominated cards soared 23.2 percent, increasing at a rate much faster than other denominations.

According to the same statement the limit of credit granted reached MOP25.3 billion at end-December 2016, up 5.4 percent from end-September 2016.

Credit card turnover grew 7.2 percent quarter-to-quarter to MOP5 billion, with the cash advance turnover reaching MOP216 million and being accountable for 4.3 percent of the total.

Credit card receivables amounted to MOP2.5 billion while the rollover amount totaled MOP740.5 million, accounting for nearly 30 percent of receivables. Meanwhile, credit card repayments, in which payments for interest and fees are included, grew 1.6 percent from the previous quarter to MOP4.9 billion.