articles | 13 January 2015

Cyprus credit card use up 4% in 2014

Domestic credit card use in local retail was up 4% to €2.24 billion in 2014 while transactions of Cypriot card spending abroad fell 8% last year reaching €1.15 billion.

For the month of December local sales reached €217.71 million, bringing domestic card use down by 2% from last year. However, while sales abroad had fallen for the whole year, Cypriot travellers spent over €100 million in December, a 4% increase in sales and cash withdrawals outside Cyprus.

The decrease in Cypriot card use for December affected mainly these commodity categories: petrol, supermarkets, DIY stores, clothing, shoes and accessories.

While card transactions fluctuate, bank institutions take notice of a growing preference in prepaid cards.

Unlike traditional cards associated with a bank account, prepaid cards put consumer minds at ease. Prepaid cards provide a safe way for young people to establish credit history, help minimize risks while traveling abroad, eliminate worries about exuberant bank fees, and protect users by making it impossible to go over credit limits.

Source: InCyprus

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