Charge it! Credit card receivables up 4.2% to $90.6b

But guess how much the delinquent amount is as at end-September?

In a release, the Monetary Authority announced the total credit card receivables increased by 4.2% to $90.6 billion in the third quarter, after increasing 3.9% in the second quarter. The total number of credit card accounts rose 2.1% to 14.8 million.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, fell 6.6% during the quarter.

The charge-off amount increased by 12.9% in the third quarter to $377 million, or around 0.4% of average receivables at end-September. The quarterly annualised charge-off ratio rose to 1.7% compared with 1.57% in the previous quarter.

The amount of rescheduled receivables transferred outside the surveyed institutions’ credit card portfolios increased to $87 million from $75 million in the previous quarter.

The delinquent amount fell to $166 million at end-September from $176 million at end-June. Correspondingly, the delinquency ratio declined to 0.18% from 0.2% at end-June. The combined delinquent and rescheduled ratio, after taking into account the transfer of rescheduled receivables mentioned above, fell to 0.25%.