SEOUL, KOREA - Last year's credit card transaction amount has surpassed the level of 520 trillion won, according to the Credit Finance Association on February 11. But the annual average per-person credit card spending has declined 8.5 percent to 56,075 won from the previous year's 61,240 won.

The domestic credit card spending (not including cash advance and credit card loans) for the year 2012 was 520.9 trillion won, 13.5 percent higher than that for 2011 when it was 458.8 trillion won. The increase was attributed to the card users' familiarity with credit card use in everyday transactions including tax payments.

 

The area that saw the highest increase in credit card spending was tax and utility bill payments (139.8%). The credit card payments at large retail outlets rose only 5.0 percent largely due to regulations on their business hours.

 

A Credit Finance Association official said, "We expect this year the credit card spending growth to slow down as government regulation makes it hard for us to do marketing activities. It is likely that people will use more check cards instead of credit cards."