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Credit Cards in Hong Kong
As of 2009, Hong Kong has a population of 7,026,400 with a GDP(gross domestic product) of HKD$1632.28 billions. This
translates into HKD$232,307 of GDP per capita.
As at 31st December 2009, there are 12,395,000 credit cards issued in Hong Kong(1.76 cards per capita), an increase of 563,000 or 4.76% compares to 11,832,000 in the same period 2008.
At the end of Q1, 2010(31st March 2010), the number of credit cards issued has increased to 12,684,000 within 3 months period. This represents an increase of 289,000 or
2.33% in the number of cards issued.
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Total Receivables, Delinquent, Charge-off and Rollover amount
As at 31st December 2009, the total amount of credit card receivables(overdue when a payment is past due at the last day of the reporting month) is HKD$75,217 millions,
a decrease of HKD$1,940 millions or 2.51% compares to HKD$77,157 millions a year ago. Total card receivables increased by 6.6% (or HK$4.7 billion) in the fourth quarter
of 2009, after falling 0.2% in the previous quarter. The increase was largely due to festive spending around the year end and the payment of salaries tax using credit cards.
As at 31st December 2009, the delinquent amount(the amount of credit card receivables overdue for more than 90 days) is HKD$255 millions. While the rollover amount(the amount
outstanding at the previous statement date less any amount paid between the previous statement date and the current statement date) is HKD$21,070 millions. The delinquent amount
at the end of 2008 is HKD$263 millions with a rollover amount of HKD$23,772 millions. Overall, there is 11.37% less rollover amount and 3.04% lesser delinquent amount
at the end of 2008 when compares to the same period in 2007. The charge-off amount(total amount of credit card receivables written off - normally for an account that
has been overdue for more than 180 days) has increase from HKD$2,094 millions for 12 months ended 2008 to HKD$2,826 million for 12 months ended 2009. This is a significant 34.96%
increase in charge-off amount in 12 months period.
Total card receivables decreased by 4.9% (or HK$3.7 billion) in the first quarter of 2010, after increasing 6.6% in the previous quarter. The decrease was largely due to the
receding effect of festive spending around the year end and the payment of salaries tax using credit cards. The rollover amount reduced to HKD$20,320 millions in Q1, 2010,
a decrease of HKD$750 millions or 3.56%. The charge off amount for Q1 2010 has also decreased to HKD$439 millions or 22.16% from HKD$564 millions in Q4, 2009. Meanwhile, the
delinquent amount continues to fall in Q1 2010 to HKD$232 millions, a 9.02% or HKD$23 millions reduction compares to HKD$255 millions in Q4 2009.
Hong Kong Credit Cards Statistics 2007-2008
As of 2008, Hong Kong has a population of 7,008,900 with a GDP(gross domestic product) of HKD$1676.93 billions. This
translates into HKD$239,257 of GDP per capita.
As at 31st December 2008, there are 11,832,000 credit cards issued in Hong Kong(1.69 cards per capita), an increase of 273,000 or 2.36% compares to 11,559,000 in the same period 2007.
At the end of Q2, 2009(30th June 2009), the number of credit cards issued has increased to 12,205,000 within 6 months period. This represents an increase of 373,000 or
3.15% in the number of cards issued.
Total Receivables, Delinquent, Charge-off and Rollover amount
As at 31st December 2008, the total amount of credit card receivables(overdue when a payment is past due at the last day of the reporting month) is HKD$77,157 millions,
an increase of HKD$272 millions or 0.35% compares to HKD$76,885 millions a year ago. As at 31st December 2008, the delinquent amount(the amount of credit
card receivables overdue for more than 90 days) is HKD$263 millions. While the rollover amount(the amount outstanding at the previous statement date less
any amount paid between the previous statement date and the current statement date) is HKD$23,772 millions. The delinquent amount at the end of 2007 is
HKD$269 millions with a rollover amount of HKD$24,638 millions. Overall, there is 3.51% less rollover amount and 2.23% lesser delinquent amount
at the end of 2008 when compares to the same period in 2007. The charge-off amount(total amount of credit card receivables written off - normally for an account that
has been overdue for more than 180 days) has decrease from HKD$2,165 millions for 12 months ended 2007 to HKD$2,094 million for 12 months ended 2008. This is a 3.28%
reduction in charge-off amount in 12 months period.
With the economic climate worsen due to financial crisis, the delinquent amount has risen tremendously, 33.08% or HKD$87 millions to HKD$350 millions in Q1, 2009(31st march 2009) and stabilize
in Q2, 2009(30th June 2009) with a slight increase to HKD$357 millions. The rollover amount reduced to HKD$22,928 millions in Q1, 2009 and HKD$22,239 millions in Q2, 2009. However, the charge
off amount for Q1, 2009 has increased significantly to HKD$727 millions or 24.49% from HKD$584 millions in Q4, 2008. The charge off amount continues its upward trend with a staggering HKD$815
millions in Q2, 2009, which is HKD$231 millions or 39.55%, compares to Q4, 2008; and 12.1% or HKD$88 millions increase compares to Q1, 2009. Meanwhile the total amount of credit card receivables
continues to fall, recording HKD$70,878 millions in Q1, 2009 and HKD$70,679 millions in Q2, 2009.
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