Mother's Day Boosts Credit Card Spending: Top 5 Issuers Record NT$304.3 Billion in May

The Mother's Day shopping season in May significantly boosted consumer spending, with the top 5 credit card issuers in Taiwan reporting a combined transaction volume of nearly NT$304.3 billion, up 16.05% year-on-year. CTBC Bank recorded over NT$80.2 billion in single-month spending, maintaining its position as the market leader and setting a new record for May.

According to public data from CTBC Bank, Cathay United Bank, Taipei Fubon Bank, E.Sun Bank, and Taishin Bank, the total credit card transaction amount for May 2024 reached NT$304.3 billion, representing a 16.05% year-on-year growth.

CTBC Bank's May credit card spending reached NT$80.27 billion, marking the highest May figure in its history and a 27.55% year-on-year increase. The bank noted that spending in travel, dining, wholesale retail, and overseas consumption continued to drive growth, as reflected in the first five months of the year.

Cathay United Bank attributed the rise to increased spending on shopping, dining, and travel due to Mother's Day promotions and early planning for summer vacations. The bank reported NT$72.7 billion in May transactions, up 15.36% year-on-year. Cumulative spending from January to May reached NT$367.5 billion, a 15% increase from the same period last year, driven primarily by overseas travel and daily consumption.

Taipei Fubon Bank recorded NT$51.5 billion in May transactions, a 6.17% year-on-year increase and a record high for the month. The cumulative transaction volume for the first five months reached NT$258.8 billion, also a record. The bank stated that spending in travel and mass retail stores contributed nearly 40% of total consumption, driving the growth.

E.Sun Bank reported NT$53 billion in May spending, a 12.9% year-on-year increase, maintaining double-digit growth and setting a new monthly high. Growth was driven by travel, mobile payments, and overseas in-person spending. Department store sales remained stable due to Mother's Day demand, while mobile payments continued strong growth. Overseas spending expanded alongside rising travel demand.

Taishin Bank noted that May, coinciding with the Mother's Day season, saw credit card spending reach NT$46.7 billion, a 14.8% year-on-year increase. Notably strong growth was observed in insurance premiums, department stores, and overseas spending.

In terms of new card issuance, CTBC Bank led with 121,000 cards issued in May. Cards such as the CTBC uniopen co-branded card, CPC fuel card, and LINE Pay card performed well. The opening of the Hanshin Intercontinental Shopping Mall in Taichung also boosted applications for the Hanshin co-branded card, further increasing overall issuance.