articles | 14 July 2014

Credit card spending increases in Cyprus in June 2014

Credit card expenditure for June 2014 showed a 5% increase in the use of local plastic for purchases in Cyprus, as well as a 7% drop in the use of cards abroad compared to the same month last year, data by clearing agency JCC showed.

The 5% increase in the use of local cards at home for the month of June translates into a total of €184.9 million spent and shows an upward momentum in many sectors.

Cumulative spending figures for the first six months of 2014 show a 7% increase in the use of cards at home with approximately €1 billion having been spent on the island.

But spending abroad has seen a steep 19% drop for the first six months with the average value of transactions falling to €105, down from €130 in 2013.
There was a 7% drop in June's spending patterns abroad translating into a total €90.2 million spent.

But, figures regarding the use of foreign cards in Cyprus showed an impressive 15% increase last month, coming hand in hand with a 21% spike in the number of transactions, with the averagevalue of transactions reaching €100, down from €103 last year.

The use of foreign cards on the island for purchases totalled €68.2 million for June and an estimated €260.7 million since the beginning of the year. 

Cypriot card holders spent approximately €1 million in the occupied areas and Turkey in a total of 7,619 transactions, mainly on hotels, entertainment, airlines, clothing and other retailers.

Turkish card holders spent around €1.3 million in the government-controlled areas last month.

Source: InCyprus

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