Travel and taxes lead to increased credit card payments

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SUMMER OUTING:
CTBC Bank led local peers with credit card spending of NT$86 billion in July, boosted by local travel and a drop in the number of COVID-19 infections

  • By Kao Shih-ching / Staff Reporter

Credit card spending hit a record NT$407.9 billion ($13.2 billion) in July, amid increased use for tax and travel payments, it said on Thursday. the Financial Supervisory Commission (FSC).

The figure rose 54.27 percent from NT$264.4 billion the previous month and was 21.62 percent higher than NT$335.4 billion a year earlier, the commission said.

Taiwanese are being lured back to credit card spending by incentives and rewards such as installment plans, points or cashback, said Banking Bureau deputy general manager Lin Chih-chi (林志吉).

Taipei Times file photo

About NT$136.4 billion in taxes were paid by credit card in July, an increase of NT$27.5 billion from a year earlier, Lin said.

Summer vacation and falling COVID-19 infections boosted domestic travel in July, boosting credit card spending for the month, he said.

CTBC Bank (中國信託銀行) led its local counterparts with credit card spending of NT$86 billion, followed by E.Sun Commercial Bank (玉山銀行) with NT$66 billion and Cathay United Bank (國泰世華銀行) with NT$61 billion, commission data showed.

CTBC Bank issued 115,000 new credit cards in July, the highest number of any local bank, the commission said.

From Jan. 1 to July 31, total credit card spending in Taiwan rose 10 percent year-on-year to NT$1.95 trillion, the highest for the same period in the past five years, according to data. data.

“If the momentum continues in the coming months, this year’s credit card spending could top the NT$3.22 trillion record set in 2019,” Lin said.

In July, Taiwan had 54.17 million credit cards in circulation issued by 33 financial institutions, up from 53.9 million in June.

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