Taiwan credit cards’ balance rose in August

But the amount of monthly retail sales was 7.96% lower than in July 2024.

The balance held by credit cards rose slightly by the end of August although spending was lower than the preceding month.

Taiwan-issued credit cards held a balance of NT$111.9b in the end of August, a 1.5% increase from the NT$110.4b held in end-July, data from the FInancial Supervisory Commission (FSC) showed.

A total of 38.54 million credit cards were active in Taiwan as of August 2024, from 58.69 million effective cards issued by thirty-two credit-card issuing institutions.

Despite the higher balance and higher number of active cards, credit card spending registered a fall in August. The amount of monthly retail sales was approximately NT$365.2b for August, 7.96% lower than the NT$396.8b recorded a month earlier.

The monthly write-off was approximately NT$365.2b in August, lower than the NT$396.8b recorded at the end of July.

The average ratio of delinquency— or loans who have not been repaid for over three months— rose to 0.28% versus 0.26% in July, the FSC said. This is also 0.07 percentage points higher than in August 2023.