Bank predicts soft credit card spending

Business | 25 Sep 2019 1:40 pm

The Hongkong and Shanghai Banking Corporation expects single-digit growth in credit card use in the second half, said Amy Kam, head of cards and personal lending, retail banking and wealth management.

Weaker consumption sentiment has taken a toll on sales of luxury products, including watches and jewelry, in the third quarter, with more card transactions flowing into online shopping platforms, but goods for every-day use are less affected, she said.

The bank will launch a new Master card next month with no annual fees, no reward cap, no spending requirements and no pre-registration required for rebates. Those with an average monthly income of HK$10,000 will be eligible.

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