Arab Today, arab today one in every 4 credit cards not in use
Last Updated : GMT 08:57:31
Arab Today, arab today
Arab Today, arab today

One in every 4 credit cards not in use

Arab Today, arab today

Arab Today, arab today One in every 4 credit cards not in use

Seoul - Yonhap

One in every four credit cards issued in South Korea is not in use as heated competition among credit card firms has resulted in excessive card issuances, data showed Monday. The number of credit cards unused for payments for 12 months reached 32.9 million as of end-June, up 1.66 million from six months earlier and 25 percent of the 122.3 million cards outstanding, according to the data by the Financial Supervisory Service (FSS) and the Credit Finance Association (CFA). The number of dormant credit cards has been on the rise since 2008, when it hit 25.7 million, with the figure expected to surpass 35 million by the end of this year. Industry watchers said excessive competition among credit card companies has led to the increase of idle plastic money, only leaving the firms with more profits from annual membership fees. Given the minimum annual fee for credit cards is 10,000 won (US$9.30), credit card issuers can fetch a combined 150 billion won from unused cards, they said. In a bid to prevent excessive card issuance, the FSS, the country\'s financial watchdog, made it compulsory for credit card firms to require card users to pay the annual fee, following the country\'s credit card bubble in 2003. The Financial Services Commission (FSC), the decision-making body for the FSS, said in a statement that it has launched a task force to cap the rise in unused credit cards and prevent side effects stemming from the increase. The task force is charged with coming up with an effective countermeasure by the end of October, the FSC said. South Korea\'s financial regulators have been stepping up efforts to put a lid on card issuances as part of its efforts to curb excessive card loan growth. The FSS has been conducting weekly reviews of credit card companies on a number of categories such as loan increases and marketing costs, in a bid to limit the on-year growth of card firms\' lending and individual users\' limits to 5 percent. The 5 percent ceiling is based on the average growth rate of households\' disposable income over the last five years, which stands at 5.1 percent.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today one in every 4 credit cards not in use Arab Today, arab today one in every 4 credit cards not in use

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 16:23 2017 Sunday ,19 February

Global energy news

GMT 16:05 2017 Sunday ,19 February

Trudeau calls for wider social benefit from economy

GMT 05:57 2017 Sunday ,19 February

How do you say déjà vu in Greek?

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday