23 Apr '14, 3am

#Credit card market further saturated: #CBS #Singapore

A SLEW of statistics released by Credit Bureau Singapore (CBS) yesterday pointed to an increasingly saturated credit card market in the city-state. The number of customers who got a new credit card, as well as of those who received a credit card for the first time, dropped for the first time in four years. The pace of credit card spending has also slowed. Around 623,000 consumers got a new credit card in 2013, down 5.5 per cent from around 658,000 in 2012. Their numbers increased from 2010 to 2012. About a fifth are in the 30-34 age group. Consumers continued to spend more on their credit cards, with average monthly balance per consumer across all credit cards continuing to rise. This statistic stood at $5,304 last year, up 4.2 per cent from a year ago. This was the slowest pace of growth in the last few years, from 6 per cent in 2012, 4.5 per cent in 2011 and 5.1 per cent...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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