Wallets Thicker Despite Recession, Why... More Credit Cards Created

Last Year, Average Credit Cards Held Per Person: 4.4
"Because They Can Be Used Even Without Cash on Hand"

Due to the impact of the COVID-19 pandemic, the number of credit cards held per person reached an all-time high last year. On the other hand, the number of check cards, which can only be used with the amount of money in the bank account, decreased.

Unlike check cards, credit cards are useful in difficult economic situations because they allow the use of various loan services such as card loans or cash advances even if there is no money immediately available in the bank account.

Due to the impact of the novel coronavirus disease (COVID-19) outbreak last year, the number of credit cards held per person reached an all-time high. On the other hand, the number of check cards, which can only be used for the amount of money in the bank account, decreased.
[Photo source=Pixabay]

According to the Credit Finance Association on the 13th, the number of domestic credit cards at the end of last year was 124.17 million, an increase of 6.48 million cards compared to the previous year (117.69 million), marking the highest number ever held. In 2011, the number peaked at 122.14 million but fell below 100 million to 92.32 million in 2014. Since then, it has continued to increase annually with 105.06 million in 2018, 110.98 million in 2019, and 113.73 million in 2020.

The number of credit cards held per economically active person (28.01 million), referring to employed and unemployed individuals aged 15 and older who can seek employment, was 4.4 cards, an increase of 0.2 cards from 4.2 cards the previous year. This is the highest figure since 4.5 cards were recorded in 2012. After reaching a peak of 4.8 cards in 2011, the number fell below 4 cards with 3.9 cards in 2013, 3.4 cards in 2015, 3.8 cards in 2018, and 3.9 cards in 2019, before rising to 4.1 cards in 2020.

On the other hand, the number of check cards, which are also issued to minors, was 10.09 million at the end of last year, down by 1 million from 10.09 million the previous year. After peaking at 11.43 million in 2018, the number decreased to 11.07 million in 2019 and 11.00 million in 2020.

The number of card merchants exceeded 3 million for the first time ever last year, reaching 3.1 million. Considering that there were 1.5 million card merchants in 2004, this means the number has doubled in 18 years.
[Photo by Pixabay]

An official from a card company said, "Unlike check cards, credit cards can be used even if there is no money immediately available in the bank account, and various loan services such as card loans or cash advances can be fully utilized, making them a useful means especially in difficult economic situations."

Meanwhile, the number of card-affiliated stores exceeded 3.1 million last year, surpassing 3 million for the first time ever. Considering that there were 1.5 million card-affiliated stores in 2004, this means the number has doubled in 18 years. After recording 2.5 million in 2016, the number increased annually with 2.57 million in 2017, 2.69 million in 2018, 2.81 million in 2019, 2.9 million in 2020, and 2.99 million in 2021.

This content was produced with the assistance of AI translation services.