Singapore Credit Card Statistics
Monetary Authority of Singapore, or commonly known as MAS, is the central bank of Singapore. MAS administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, including currency issuance.
According to MAS credit and charge card statistics, as of December 2009 there are 5,419,621 of main cardholders and 1,282,996 of supplementary cardholders in Singapore. These cards belong to 1.2 million registered household. According to credit card company, there are about 1.5 million credit card account holder in Singapore. Visa seems to have a market share of about 60% of all credit card out in the wild. Master Card trailing at 30% market share.
Profiling: In Singapore, the higher income earners, females, married, the better educated, older adults, and both Chinese and Indians are more receptive to paying their monthly credit card balances in full.
Source: www.mas.gov.sg (S$ = SGD)
6.7 million credit cards (inclusive of sup-cards) in circulation, or 6 cards per household. According to other banking sources, approximately 4.5 credit cards per eligible cardholder in Singapore. Each household spent about S$1,944 per month on goods & services paid by credit card. Their monthly rollover balance, credit card debt, is about S$3,312 for each household.
Singapore Credit cards are responsible for more than S$26 billion in transactions in year 2009. There was about S$3.7 billion of unpaid rollover balance, of which $180 million were written-off by the banks (approximately 0.5% of total debt).
Singapore’s total population was 5 million as at end 2009. Which comprises of 1.3 million non-resident foreigners and 3.7 million Singapore residents (Citizen and Permanent Residents). There were 1.1 million Resident Households. Therefore the average Household Size worked out to be about 3.5 Persons per household.
Average Employed Household Income S$7,549 with with at least one working person ($90k yearly).
Source: www.aba.com (US$ = USD)
Credit cards are responsible for more than US$2.5 trillion in transactions a year and are accepted at more than 24 million locations in more than 200 countries. It is estimated that there are 10,000 payment card transactions made every second around the world.
Updated On: 13.01.01