On January 14, the Financial Supervisory Commission announced the latest statistics for bank credit card operations in November, forecasting that the total transaction 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 was the first to break through the NT$700 billion mark, 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. It is noteworthy that the number of inactive cards 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 surged by more than 90,000 compared to the number of inactive cards in October, indicating a collective clearance wave among banks at the end of the year.
Who will be the credit card king in 2024?
According to a report released by China Trust Commercial Bank on January 13, the bank achieved a cumulative 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. The cumulative spending for 2024 is NT$930.2 billion, firmly securing its position as the “credit card king.” Furthermore, China Trust Bank leads the market in terms of the number of active credit cards, effective cards, and total income from transaction fees and revolving credit interest, thus achieving a triple crown of “credit card king,” “active card king,” and “income king.” China Trust Bank noted that in 2024, the spending in various sectors by its credit cards showed remarkable double-digit growth rates, particularly in travel, overseas spending, dining, and supermarkets/convenience stores. Observing the spending habits of China Trust cardholders revealed that nearly 40% of spending comes from new cardholders with less than five years of cardholding experience, which is particularly significant.
As of November, the top three banks in terms of active cards: China Trust Bank, E.SUN Bank, and Cathay United Bank. According to the Financial Supervisory Commission’s statistics as of November last year, the top three banks in terms of active 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 Fubon Bank with 7.29 million cards, Taishin Bank with 6.58 million cards, DBS Bank with 3.27 million cards, Federal 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 from fourth to tenth.
As of November, the top three income-generating banks: Cathay United Bank, E.SUN Bank, and China Trust Bank. In terms of revolving credit balances, they reached NT$20.6 billion, NT$17.1 billion, and NT$17 billion respectively. Fourth place is Taishin Bank with NT$10.7 billion, and fifth is Fubon Bank with NT$10.6 billion.
In terms of single-month spending amounts for November: China Trust Bank, Cathay United Bank, and Fubon Bank. In individual bank performance for November, China Trust and Cathay United again surpassed NT$60 billion, with China Trust continuing to hold the title of “credit card king,” achieving a transaction amount of NT$67.632 billion, while Cathay United Bank ranked second with NT$64.166 billion. The third place was taken by Fubon Bank, surpassing E.SUN Bank with NT$53.061 billion in November, while E.SUN Bank and Taishin Bank followed with NT$46.418 billion and NT$42.809 billion respectively. Overall, the transaction amounts of the top five credit card issuers accounted for 71.10% of the entire market, showing a significant concentration.
This article is collaboratively republished from: Digital Age
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Data source: Financial Supervisory Commission, China Trust
Editor in charge: Li Xiantai