Credit cards in circulation up 2.7 percent in Q2

The latest statistics from the Monetary Authority have revealed that the region saw a 2.7 percent rise in the number of credit cards in circulation in June from three months prior, totaling 870,062 in number and 19.5 billion in credit limits up until the end of the period.
In comparison to the equivalent period last year, the authority recorded a 2.6 percent decline in the use of Hong Kong dollar cards while cards loaded with patacas and Chinese yuan experienced growth of 10.9 percent and 9.1 percent respectively.
The second quarter also saw a 6.7 percent increase in credit limits. In addition, credit card receivables amounted to MOP2.1 billion while the total rollover amount reached MOP616.7 million, accounting for 28.9 percent of the total receivables.
The ratio of delinquent amounts which had been overdue for more than three months to the receivable amount edged down from 1.07 to 1.06 in the second quarter, yet still remained higher than the level of 0.87 compared to the same period one year ago.
Over the three-month period, credit card turnover remained virtually unchanged, according to the department, at MOP4.3 billion. The amount of cash advances reached MOP220 million, making up 5 percent of the total turnover.