On January 14, the Financial Supervisory Commission announced the latest statistics for the credit card business of domestic banks for November, estimating that the total spending amount for the entire year of 2024 could exceed NT$4.6 trillion, setting a new historical high!
Statistics from January to November 2024 show that China Trust Bank first surpassed NT$700 billion, reaching NT$733.2 billion, while Cathay United Bank closely followed with NT$690.8 billion. E.SUN Bank ranked third, accumulating NT$561.6 billion. However, it is noteworthy that the number of suspended cards in November last year reached as high as 575,526, which not only exceeded the number of cards issued that month (521,974) by more than 50,000, but also saw an increase of over 90,000 compared to the number of suspended cards in October, indicating a collective wave of card cancellations among domestic banks at the end of the year.
Who will be the credit card king in 2024? According to the data released by China Trust Commercial Bank on January 13, China Trust Bank topped the market with a cumulative credit card spending amount of NT$805.3 billion and NT$124.9 billion for debit cards last year, securing the first place in the market. For 2024, the accumulated spending is NT$930.2 billion, firmly maintaining the “credit card king” title. Additionally, China Trust Bank leads the market in terms of the number of credit cards in circulation, valid cards, and the three major revenue sources, including transaction fees, cash advance fees, and revolving credit interest, thus achieving the remarkable feat of being crowned the “credit card king,” “circulation card king,” and “revenue king.”
China Trust Bank noted that in 2024, the most impressive growth rates in spending across various sectors for its cards were seen in travel, overseas spending, dining, and supermarkets/convenience stores. Observing the spending habits of China Trust cardholders, it was found that nearly 40% of the spending came from cardholders with less than five years of cardholding experience, which is particularly significant.
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As of November, the top three banks in terms of circulation cards are: China Trust Bank, E.SUN Bank, and Cathay United Bank. According to the statistics from the Financial Supervisory Commission as of last November, in terms of the number of circulation cards, the top three 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 Taipei 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 fourth to tenth respectively.
As for the top three revenue-generating banks as of November, they are Cathay United Bank, E.SUN Bank, and China Trust Bank. The revolving credit balances reached NT$20.6 billion, NT$17.1 billion, and NT$17 billion, respectively. The fourth place is Taishin Bank with NT$10.7 billion, followed by Taipei Fubon Bank with NT$10.6 billion.
In terms of individual bank monthly spending amounts for November, China Trust and Cathay United again surpassed NT$60 billion, with China Trust retaining the “credit card king” title, 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, which surpassed E.SUN Bank, with a spending amount of NT$53.061 billion in November, followed by E.SUN Bank with NT$46.418 billion and Taishin Bank with NT$42.809 billion. Overall, the top five credit card issuers accounted for 71.10% of the total market spending, indicating a significant concentration.
Statistics from January to November 2024 show that China Trust Bank first surpassed 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 NT$561.6 billion, Taipei Fubon Bank in fourth with NT$550.3 billion, and Taishin Bank in fifth with NT$473.5 billion.
This article is collaboratively reproduced from: Digital Era
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Source: Financial Supervisory Commission, China Trust
Editor-in-Charge: Li Xiantai