Plastic cards top $1.5B

Press, 3 February 1986, Page 32

Plastic cards top $1.5B

PA Wellington New Zealanders spent more than $1.58 on their plastic cards at home and overseas during the year to the end of November. This was more than $lOOO for each card in circulation. The $1.58 was up 23.5 per cent on the $1.228 for the same period in 1984, according to Reserve Bank figures. At the end of the year there were 1.4 M Visa, Bankcard, American Express and Diners Club cards in circulation, compared with 1.27 M for the previous year. From December 1984 to the end of November 1985 total billings by New Zealanders in the country amounted to $1.298, with $228.1M being spent overseas. The greatest domestic spending occurred in May with 5115.6 M, while overseas it was November, with $23.1M. Card companies expected billings for December to exceed the internal spending total. The average amount spent per card was $1078.50, compared with $963 for the same time the year before. Of the cards available in New Zealand, Visa was most popular with 620,000 in circulation. Bankcard had 580,000, American Express 130,000 and Diners Club 70,000. The amount of money owed by card holders to the companies was a record $471.8M million at the end of November, but card companies say people seem to be paying off their bills much faster because of the high interest rates imposed after a month.