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August 15, 2018

Corporate card spending gains 11% in Q2

PUBLISHED : July 31, 2018 - 09:54

UPDATED : July 31, 2018 - 09:54

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[THE INVESTOR] Korea’s corporate credit card spending climbed nearly 11 percent on-year in the second quarter of the year, a trade association said on July 31.

Spending came to 39.4 trillion won (US$35.2 billion) in the April-June period, up 10.5 percent from a year earlier, according to data from the Credit Finance Association.

It marks the first on-year increase since the second quarter of last year, when the figure tumbled 18.2 percent after the government called on credit card firms to refrain from offering incentives to companies that pay taxes with plastic.

The second-quarter rise was attributed to the near dissipation of the government measure’s effect and increased corporate payments of local taxes with credit cards.

 In all, total credit card spending, including personal expenditure of 163 trillion won, stood at 202.2 trillion won during the three-month period, up 9 percent from the same period a year ago. The number of credit card payments advanced 10.4 percent on-year to 5.02 billion won.

The data includes transactions on credit, debit and prepaid cards. Cash advances, overseas spending and card loans were not counted.

The CFA ascribed the hike in total credit card spending to increased sales of home electronics products related to fine dust and a heat wave, as well as higher demand for imported cars.

Also responsible were the greater use of convenience stores due to the World Cup in Russia, which started on June 14 for a monthlong run, and a steady rise in online shopping, it added.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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