Credit card use spikes during the holidays

The total value of credit-card transactions in the fourth quarter of 2011 hit $117.2 billion.

Credit cards again fueled Hong Kong’s Christmas holidays spending.

The total value of credit-card transactions in the fourth quarter of 2011 hit $117.2 billion, up 8.2% on the third quarter and 10.2% year-on-year, said the Monetary Authority.

The quarter saw some 106 million credit card transactions, up 9.5% on the previous quarter and 7.7% year on year.

Hong Kong has 16.5 million credit cards in circulation, up 1.6% on the previous quarter and 6.7% year on year.

The total number of debit card transactions in relation to retail sales and bill payments increased 10.6% to 29 million in the quarter. The total value of debit card transactions rose 10% to $54 billion. Total number increased 5.4% and the total value rose 4.9% compared to the same period in 2010.