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Credit Cards in New Zealand
There are 2,706,120 credit cards in New Zealand(1.19 cards per capita) as at 31st December 2008, a small increase of 2,111 or 0.08% compares to 2,704,009 in 2007.
This shows the credit cards growth has stagnant if compares to 6.58% or 166,935 increase in 2007(2,537,074 credit cards in 2006).
Nonetheless, from 2003 to 2008, there is a healthy growth rate of 13.97% or 331,729 increase in the number of credit cards(2,374,391 credit cards in 2006).
In contrast, debit cards has increase by 431,918 or 8.51% to 5,504,900 in 2008, compares to 5,072,982 in 2007. The number of debit cards has a growth rate of
17.92% or 836,624 during the period from 2003 to 2008.
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Total Card Payments Transactions Volume
In 2008, there are 246,696,881 total number of credit cards transactions in New Zealand(generated at New Zealand merchants - includes credit cards
issued by banks located in New Zealand and outside New Zealand), which translates into an increase of 2.49% or 5,990,840 increase compares to 240,706,041
transactions in 2007. During the period from 2003 to 2008, there is a significant growth of 50.25% or 82,507,884 of credit cards transactions in New Zealand.
For credit cards issued in New Zealand(credit cards issued by banks located in New Zealand and include transactions generated within New Zealand and outside New Zealand),
there are 238,728,788 total number of transactions in 2008, a 4.08% or 9,360,670 increase compares to 229,368,118 in 2007. This is good growth considering only 0.08%
increase in number of credit cards issued during the period. During the period from 2003 to 2008, credit cards usage by New Zealanders has increase by 40.56% or 68,890,981
transactions, even though there is only an increase of 13.97% in the number of credit cards issued.
Interestingly, even though there is two times more debit cards issued compares to credit cards in New Zealand, the number of transactions for debit cards is only 50% of those
recorded for credit cards. This shows the popularity of credit cards as the choice for payment method in New Zealand. In 2008, there are 116,516,157 total number of debit cards
transactions in New Zealand, a significant increase of 12.7% or 13,127,451 compares to 103,388,706 in 2007. During the period from 2003 to 2008, debit cards usage by New Zealanders
has increase by 33.11% or 28,980,816 transactions.
Total Card Payments Transactions Value
In 2008, there are NZ$28,999 millions total credit cards transactions recorded in New Zealand(generated at New Zealand merchants - includes credit cards
issued by banks located in New Zealand and outside New Zealand), which translates into an increase of 3.79% or NZ$1,058 millions increase if compares to NZ$27,941 millions in 2007.
The increase in value is in accordance to the number of credit card transactions recorded during the period. Out of the NZ$28,999 millions transactions, NZ$25,550 millions or 88.11%
is contributed by New Zealand issued card, whereas NZ$3,351 millions is generated by overseas card. NZ$20,178 millions has been recorded for the 9 months period from January
2009 to September 2009, compares to NZ$21,318 millions for the same period in 2008.
For credit cards issued in New Zealand(credit cards issued by banks located in New Zealand and include transactions generated within New Zealand and outside New Zealand),
there are NZ$29,192 millions total credit cards transactions in 2008, a 3.49% or NZ$984 millions increase compares to NZ$28,208 millions in 2007. The increase in value is in accordance to
the number of credit card transactions recorded during the period. Out of the NZ$29,192 millions, overseas card billing accounted for 12.13% or NZ$3,540 millions for New Zealand credit card billings in 2008.
NZ$20,739 millions has been recorded for the 9 months period from January 2009 to September 2009, compares to NZ$21,553 millions for the same period in 2008.
Credit Limit and Outstanding Balances
As at December 2008, the total credit limit for credit cards in New Zealand(business and personal cards) is NZ$17,745 millions. As at September 2009, the credit limit is at NZ$17,526 millions.
The New Zealand credit card total outstanding balances(business and personal cards) as at December 2008 is NZ$5,464 millions, an increase of NZ$256 millions or 4.92% compares to NZ$5,208 millions
the same period in 2007. As at September 2009, the outstanding balances has reduced to NZ$5,189 millions, a decrease of 5.03% or NZ$275 millions compares to December 2008.
As at December 2008, NZ$5,122 millions of the total outstanding is for personal credit cards, where NZ$3,534 millions outstanding is interest-bearing and NZ$1,588 millions is non-interest-bearing.
As at August 2009, the toal personal credit cards has reduced to NZ$4,909 millions, where NZ$3,406 millions outstanding is interest-bearing and NZ$1,503 millions is non-interest-bearing.
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