Credit card use increasing rapidly

A report on credit card use overseas for the period of April~June made by Bank of Korea shows that the Koreans used more than U$ 367 million through credit card and direct payment card use. This is an increase of 80.8% compared to the amount used during same period last year of U$ 230 million. The amount used during the 2H of 2000 is comparable to U$ 372 million recorded in 1997, which is before the IMF crisis.

Since 1Q of 1998(U$ 124 mil.), card use overseas by Koreans has steadily increased and in the 2Q of 1999(U$ 230 mil.) the U$ 2 million mark was surpassed. Thereafter, in the 3Q card use totaled U$ 249 million, U$ 286 million in the 4Q and U$ 350 million in the 1Q of 2000.