The Highest Credit Card Amount For the Third Quarter

Amounts which domestic people used the credit card in foreign countries, were recorded as the highest figures during the third quarter (July to September).

The overseas credit card amounts per person increased but the domestic credit card amounts per foreigner decreased. Accordingly, a loss of a travel balance became larger.

According to the Bank of Korea (BOK) on December 8, the credit card amounts used in the foreign countries for the third quarter (including a debit card) were USD 669 million, increased by 16.15% over the second quarter and 27.7% over the third quarter.

The overseas credit card amounts up to the end of September were USD1,813 million and was closed to USD 1,990 million of previous one year.

There are totally 1,215,000 people who use the credit card in foreign countries. It showed the largest record.

In relation to the high increase tendency, BOK explained that many domestic travelers have paid with the credit card not in cash.

The credit card amount per person in foreign countries was USD 551. It indicates that expenditures of travelers become larger. During the third quarter, total travelers and expenses were 2,300,000 people and USD 2.6 billion.

In the same period, there were 990,000 foreigners(non-residents) who used the credit card in the country and USD 380 million were paid with the credit card. They are decreased 8% and 45.7% respectively over the second quarter. The credit card amounts per foreigner were USD 384 and it tends to decrease as well.

Korea had deficits of over USD 0.7 billion up to the end of September in a section of the credit card.

Kwu-Jin Lim mhjh22@donga.com