On January 14, the Financial Supervisory Commission announced the latest statistics on credit card operations of domestic banks for November, forecasting that the total spending amount for 2024 could exceed NT$4.6 trillion, setting a new historical high!
According to the statistics for credit card performance from January to November 2024, China Trust Bank was the first to surpass NT$700 billion, reaching NT$733.2 billion, while Cathay United Bank closely followed with NT$690.8 billion. E.SUN Bank ranked third with a cumulative total of NT$561.6 billion. Notably, the number of cards suspended in November last year reached 575,526, which not only exceeded the number of new cards issued that month (521,974) by over 50,000 but also reflected a surge of more than 90,000 compared to the suspension numbers in October, indicating a collective card cancellation trend among domestic banks at the year-end.
Who will be the credit card king in 2024?
According to a report released by China Trust Commercial Bank on January 13, the bank accumulated a total credit card spending amount of NT$805.3 billion and NT$124.9 billion for debit cards last year, both ranking first in the market. For the 2024 fiscal year, the cumulative spending is expected to reach NT$930.2 billion, securing its position as the “credit card king.” Furthermore, China Trust Bank leads the market in the number of circulating cards, valid cards, and three major income streams, including transaction fees for both debit and cash withdrawal, as well as revolving credit interest, thus achieving the remarkable titles of “credit card king,” “circulating card king,” and “income king.”
China Trust Bank stated that in 2024, among various spending categories on its cards, travel, overseas spending, dining, and supermarkets/convenience stores exhibited impressive double-digit year-on-year growth rates. Observing the cardholding situation of China Trust cardholders reveals that nearly 40% of spending comes from cardholders with less than five years of membership, which is particularly significant.
As of November, the top three circulating card issuers are: China Trust Bank, E.SUN Bank, and Cathay United Bank. According to the statistics from the Financial Supervisory Commission as of last November, the top three banks in terms of circulating card numbers are China Trust Bank with 9.22 million cards, E.SUN Bank with 7.48 million cards, and Cathay United Bank with 7.45 million cards. Following them are Cathay Financial Holding with 7.29 million cards, Taishin Bank with 6.58 million cards, DBS Bank with 3.27 million cards, Union Bank with 2.8 million cards, Yongfeng Bank with 2.16 million cards, First Bank with 1.47 million cards, and Far Eastern Bank with 1.35 million cards, ranking fourth to tenth.
As of November, the top three income earners are: Cathay United Bank, E.SUN Bank, and China Trust Bank. In terms of revolving credit balances, they amount to NT$20.6 billion, NT$17.1 billion, and NT$17 billion, respectively. Fourth is Taishin Bank with NT$10.7 billion, followed by Cathay Financial Holding with NT$10.6 billion.
In terms of individual banks’ monthly spending amounts for November, China Trust Bank and Cathay United Bank once again exceeded NT$60 billion, with China Trust continuing to hold the title of “credit card king,” achieving a spending amount of NT$67.632 billion, while Cathay United Bank ranked second with NT$64.166 billion. The third place was taken by Taipei Fubon Bank, overtaking E.SUN Bank with a spending amount of NT$53.061 billion for November. The fourth and fifth places were E.SUN Bank with NT$46.418 billion and Taishin Bank with NT$42.809 billion, respectively. Overall, the spending amounts of the top five credit card issuers accounted for 71.10% of the entire market, indicating a significant concentration.
According to the statistics for credit card performance from January to November 2024, China Trust Bank was the first to surpass NT$700 billion, reaching NT$733.2 billion, while Cathay United Bank closely followed with NT$690.8 billion. E.SUN Bank ranked third with a cumulative total of NT$561.6 billion, and Taipei Fubon Bank ranked fourth with NT$550.3 billion, while Taishin Bank ranked fifth with NT$473.5 billion.
This article is reproduced in cooperation from: Digital Age
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Source: Financial Supervisory Commission, China Trust
Editor in Charge: Li Xiantai