Credit card city


The city’s credit card turnover totalled MOP4.8 billion (US$598.6 million) for the first three months of the year, representing a year-on-year increase of 9.1 per cent, according to the latest statistics released yesterday by the Monetary Authority of Macau (AMCM).
In the first quarter, local cash advance turnover amounted to MOP249.9 million, accounting for 5.2 per cent of total credit card turnover. Meanwhile, credit card repayments, including interest and fees, rose 9.2 per cent yearly to MOP5.1 billion.
As of the end of March of this year, the total number of personal credit cards in circulation had grown 3.2 per cent quarter-to-quarter and almost 12 per cent yearly to almost 1.1 million. Of the total, 768,289 were cards designated in MOP, up 10.7 per cent year-on-year. In addition, the number of Hong Kong Dollar denominated cards and Renminbi cards increased by 11 per cent and 16.5 per cent yearly, amounting to 93,005 and 231,919, respectively.
AMCM noted that the majority of Renminbi cards in circulation were dual-currency pataca and renminbi cards.
On the other hand, local banks had granted a total credit card limit of MOP26.4 billion as at the end of the quarter, up 16.1 per cent compared to the same month last year. Credit card receivables reached MOP2.3 billion, with the rollover amount accounting for 32.7 per cent, or MOP739.7 million.
Meanwhile, the delinquency ratio, which indicates the amount of credit card receivables overdue for more than three months, registered a quarter-to-quarter growth of 0.25 percentage points to 1.46 per cent as at the end of March of this year, according to the AMCM.