More credit card transactions in Macau resulted in a 3.1 per cent increase in spending over the third quarter, according to the Monetary Authority of Macau (AMCM).
Total credit card turnover recorded by Macau banks amounted to MOP4.68 billion (US$586 million), up by 3.1 per cent over the second quarter’s MOP4.5 billion. This also represents 5.3 per cent growth year-on-year.
Cash advance turnover during the period fell by 4.4 per cent quarter-to-quarter to MOP220.7 million from MOP230.8 million. Meanwhile, credit card repayments in the quarter jumped 8 per cent, totalling MOP4.8 billion.
At the end of the quarter there were 1.03 million credit cards in circulation in Macau, up 2.1 per cent quarter-to-quarter, or 14.6 per cent year-on-year.
Total credit limits granted by banks to cardholders reached MOP24 billion, 1.6 per cent growth quarter-to-quarter from MOP23.7 billion, or year-on-year growth of 18.5 per cent.
Of the credit cards in circulation, 730,162 were pataca cards – 70.8 per cent of the total and an increase of 2.1 per cent quarter-to-quarter. Other cards, including Hong Kong dollar and renminbi cards, totalled 87,607 and 213,449, with growth of 1.9 and 2.4 per cent respectively.
On an annual basis, pataca and Hong Kong dollar cards grew 12.5 and 9.8 per cent respectively, while RMB cards were up 25 per cent.
Meanwhile, the amount of credit card receivables totalled MOP2.28 billion for the quarter, down 1.6 per cent from MOP2.3 billion. However, the amount was up by 7.8 per cent compared to the same period last year.