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Published: 6 May 2010

Credit card sales decreased and bad card debts increased in 2009

In 2009, the value of sales charged on domestic credit cards amounted to EUR 7.3 billion in Finland. The sales decreased by 11 per cent from the previous year. Cash withdrawals and bank transfers made on domestic credit cards in Finland also declined by two per cent to EUR 1.5 billion. Retail shops accounted for the largest share of card sales and service stations for the second largest share. This is indicated by Statistics Finland’s statistics on credit cards.

Credit card sales in 2008 and 2009, EUR million

	2008	2009	Change, %
Sales to domestic credit cards in Finland	8 250	7 328	-11,2
Sales to domestic credit cards abroad	1 734	1 704	-1,7
Sales to foreign credit cards in Finland	1 072	956	-10,8

Purchases made with Finnish credit cards abroad amounted to EUR 1.7 billion and cash withdrawals abroad made up EUR 0.3 billion. Foreign cards were used in Finland to the value of EUR 1.2 billion, of which around EUR one billion were purchases and the rest cash withdrawals.

There were 3.5 million active credit card accounts in Finland in 2009. The number of active card accounts declined by two per cent from the previous year. Twenty-three per cent of the card accounts were non-interest bearing charge card accounts and 77 per cent actual interest-bearing credit card accounts. An active card account was used 45 times per year, on average. Accounts that have been used at least once during the year are regarded as active card accounts. No statistics are compiled on the number of the cards themselves as several cards may be issued for one card account.

At the end of 2009, the stock of credit card debt totalled EUR 2.9 billion, which is the same as one year before. Households held 77 per cent and enterprises and entrepreneurs 23 per cent of the credit card debt. Over the year, credit card accounts generated EUR 49 million bad card debts, which is 53 per cent more than in 2008. The numbers of accounts closed due to uncollectable debts, collection cases and delayed repayments also grew compared with 2008.

In these statistics the term credit card is used as a general term. Credit cards can be further classified according to two characteristics: by mode of payment to actual credit cards and charge cards and by validity to general and special cards. Online debit cards, offline debit cards and direct debit cards are not included in these statistics.

Source: Credit cards 2009, Statistics Finland

Inquiries: Hilkka Jaatinen (09) 1734 3630, Saara Roine (09) 1734 3325, rahoitusmarkkinat@stat.fi

Director in charge: Ari Tyrkkö

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Updated 6.5.2010