Card spending growth slated to slow

Business | Avery Chen 26 Sep 2019

The Hongkong and Shanghai Banking Corporation expects to see single-digit growth in credit card spending in the second half of this year due to external economic uncertainties.

That compares to 20 percent year-on-year growth in the first half.

Amy Kam, head of cards and personal lending, retail banking and wealth management, said weaker consumption sentiment has taken a toll on luxury product sales in the third quarter, with more transactions happening on online shopping platforms. Everyday goods were less affected.

The bank will launch a new Mastercard next month that does not require pre-registration and has no annual fees, reward caps or spending requirements. Application requirements for the card have been lowered to an average monthly income of HK$10,000. The card will offer a four percent RewardCash rebate on online shopping, two percent on supermarket spending and one percent on all other local and overseas purchases.

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