Credit card spending in November last year rose 2.91 percent year-on-year to NT$396.7 billion (US$12.56 billion), with cumulative spending in the first 11 months of last year up 6.26 percent to NT$4.533 trillion, a record high for the period, Financial Supervisory Commission data showed yesterday.
However, spending in November was NT$56.7 billion less than the previous month’s NT$453.4 billion, as October spending was buoyed by department store anniversary sales and increased travel, shopping and dining opportunities during the Mid-Autumn Festival, Double Ten National Day and Retrocession Day holidays, the commission said.
With several card issuers promoting co-branded cards and the number of merchants accepting cards for sales continuing to increase, full-year credit card spending for last year could reach a new high, it said.
Photo courtesy of CTBC Bank Co
Taiwan’s credit card spending was NT$4.686 trillion in 2024, a new record, FSC data showed.
As of the end of November last year, Taiwan had 60.42 million credit cards in circulation issued by 32 financial institutions, the commission said in a statement.
The number of merchants accepting cards for transactions increased by 3,771 stores from a year earlier to 196,000 stores, it said.
The balance of revolving credit was NT$117.78 billion and the undue balance of installment was NT$198.84 billion, the commission said.
The nonperforming ratio of credit card debt remained unchanged at 0.25 percent on average, it added.
CTBC Bank Co (中國信託銀行) led all banks in terms of credit card spending at NT$72.45 billion, followed by Cathay United Bank Co (國泰世華銀行) at NT$69.31 billion, commission data showed.
Taipei Fubon Commercial Bank Co (台北富邦銀行) ranked third with spending of NT$51.15 billion, ahead of E.Sun Commercial Bank Ltd (玉山銀行) at NT$48.43 billion and Taishin International Bank Co (台新銀行) at NT$43.36 billion, data showed.
CTBC was the biggest issuer of new credit cards among local banks in November last year as it continued to promote a new co-branded credit card with food conglomerate Uni-President Enterprises Corp (統一企業). The bank issued 132,555 cards in the month, or 27.32 percent of the 485,113 cards issued in Taiwan, data showed.
Cathay United came in second in new card issuance at 59,075 cards, followed by E.Sun at 52,421, Taishin at 43,518 and Taiwan Rakuten Card Inc (台灣樂天) at 41,717, data showed.
Meanwhile, Taipei Fubon led its peers in canceling cards that had not been used for more than a year, with 158,575 cards canceled in November last year, followed by CTBC at 91,773 and E.Sun at 78,685, the commission said.
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