The value of credit card transactions spiked to NT$204 billion (US$6.31 billion) in May, an increase of NT$23 billion from the previous month, according to the latest tallies released by the Financial Supervisory Commission (FSC) last week.
The high use of credit cards can be attributed largely to spending for Mother’s Day, which falls in May, and also to the tax season, as many taxpayers in Taiwan have been using their credit cards to make income tax payments, the commission said.
The biggest spending in May was by holders of credit cards issued by Cathay United Bank (國泰世華銀行), the major banking entity of Cathay Financial Holding Co (國泰金控), with transactions of NT$36.2 billion in total, the commission said.
The bank has issued a joint credit card with Pacific Sogo Department Stores Co (太平洋崇光百貨), which helped boost Mother’s Day spending, the commission said.
The second-highest spending in May was by CTBC Bank Co (中國信託銀行) credit-card holders, with transactions totaling NT$27.8 billion, the commission said.
As of the end of May, there were 39.23 million credit cards circulating in the domestic market, up from 39.04 million the previous month, the commission said.
The number of valid credit cards rose to 25.69 million from 25.52 million a month earlier, the commission said.
The non-performing loan ratio for credit cards at each of the 36 issuing institutions in Taiwan was less than 3 percent as the end of May, the commission said.
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