Card Approval Amount Rises 6.7% in Q3... Driven by Corporate Cards

"Clear Improvement in Consumer Spending"
Healthcare Up, Leisure Sectors Down

The total amount of card spending in the third quarter increased by 6.7% compared to the same period last year.

Card Payment. Getty Images Bank

According to the analysis of third-quarter card approval performance released by the Credit Finance Association on October 31, the total card approval amount in the third quarter was 327.7 trillion won, and the number of approved transactions reached 8.3 billion, up 6.7% and 5.5%, respectively, from the same period last year.

An official from the association stated, "Improved consumer sentiment due to factors such as rising stock prices, a downward trend in market interest rates, and economic stimulus measures including consumption coupons have led to a clear recovery in consumption." The official also added, "The increase in vehicle sales is believed to have contributed to the rise in card approval performance."

The amount approved on corporate cards was 62.2 trillion won, an increase of 10.3% year-on-year. The amount approved on personal cards rose by 5.9% to 265.7 trillion won.

The higher growth rate in corporate card approvals was attributed to increased tax and utility payments resulting from improved corporate business performance, as well as three more business days compared to the same period last year.

By industry, the sectors with the highest growth rates were healthcare and social welfare services (10.4%), as well as associations, organizations, repair, and other personal services (8.3%).

On the other hand, arts, sports, and leisure-related services (-1.5%), as well as transportation (-0.9%), declined compared to the same period last year.

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