Banks and SKOKs granted 53.4% more credit cards y/y in numerical terms in March 2023, the Credit Information Bureau (BIK) reported. In value terms, there was a 44.2% y/y increase in limits.
In March 2023, banks issued 60.2 thousand credit cards for a total amount of granted limits of PLN 498 million.
In Q1 of this year, the number of issued credit cards increased by 41.6% y/y, and the value of limits increased by 42% y/y, it was reported.
“In March 2023, we recorded an increase in the dynamics of the number (+53.4%) and value (+44.2%) of credit cards compared to March 2022. This is partly the result of a low base from last March. However, it should also be noted that such a number of credit cards has not been issued by banks since July 2021, i.e. for 20 months. The situation is even more interesting when it comes to the value of granted limits: we haven’t seen such a high value since the beginning of the pandemic. A higher value of limits was last granted by banks in February 2020, that is, more than 3 years ago, even before the pandemic. This could be the result of households looking for an additional source of financing. It should be remembered that card limits are the second riskiest credit product after cash loans,” said BIK Group chief analyst Waldemar Rogowski.
The value of the Quality Index in March was 4.13%. On a year-on-year basis, the value of the Index worsened – it increased by 0.87 percentage points and is, apart from cash loans, the highest of all product Indices, Rogowski added.
Source: BIK Group and ISBnews
