Sunday, Sep 21, 2014Sunday, Sep 21, 2014
 

Credit card take-up rate falls for first time in four years: CBS

Published on Apr 21, 2014 3:22 PM
 
Consumers here long used to signing up for new credit cards are finally resisting the urge to do so. -- ST FILE PHOTO: KUA CHEE SIONG

Consumers here long used to signing up for new credit cards are finally resisting the urge to do so.

They shook off perks typically offered to new card customers, like shopping vouchers or fee waivers, as the number of consumers who acquired a credit card fell for the first time in four years last year.

Statistics released on Monday by the Credit Bureau Singapore (CBS) showed that 622,548 credit card holders obtained a new card in 2013, a drop of 5.5 per cent compared with the previous year.

The decline reversed a recent trend of positive growth since 2010.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos