Number of credit card users increasing

The total number of personal credit cards issued by banks in Macau stood at 1,216,548 at end-March 2018, an increase of 2.5 percent from the previous quarter.

A statement from the Monetary Authority of Macao informed that this growth was primarily attributed to the prolonged increase in dual-currency and triple-currency cards.

The numbers of cards in MOP, HKD and RMB grew year-on-year by 12 percent, 4.6 percent and 15 percent respectively.

At end-March 2018, the total limit across all credit cards granted by banks in the SAR reached MOP29.5 billion, up 3.2 percent from end-2017 or 14.5 percent from end-March 2017.

Credit card receivables amounted to MOP2.4 billion, the rollover amount of which totaled MOP774.3 million, representing 32.3 percent of credit card receivables. 

The delinquency ratio rose from 1.38 percent at end-2017 to 1.59 percent at end-March 2018.

Meanwhile, in the first quarter of 2018, the credit card turnover totaled MOP5.4 billion, equivalent to a drop of 3.6 percent quarter-to-quarter but a rise of 12.9 percent year-on- year. 

The cash advance turnover was MOP222.8 million, occupying 4.1 percent of total credit card turnover. 

Credit card repayments, which includes payments for interest and fees, amounted to MOP5.7 billion, up 8.4 percent from the previous quarter or 13.0 percent from the same period last year.