Bank of Albania: The number of credit card increased by 11% during 2014

At the end of the third quarter 2014, the number of active credit cards used by Albanians reached almost 900 thousand, up by 11% since the beginning of the year. A Bank of Albania report shows that during the past five years, the number of bank cards increased by 58%, figures that show the increase of credit cards usage by Albanian clients.

According to the report, at the end of the third quarter of 2014, the number of credit cards reached 74 thousand, while in the last five years the number of credit cards has increased by 3.2 times. Credit cards are meaningful indicator, given that they are more advanced products.

By using these cards, the clients have in disposal an open credit line by the bank they have deposited their savings, in order to buy goods and services online or in stores. However, the usage of these credit cards still remains at low levels compared to cash payments or the cash withdrawals in ATMs.

Of the nearly 100 billion transactions with credit cards during 2014, about 92% are cash withdrawals. Payment experts think that the increase of direct payments have brought practical and economic benefits.

News source: BalkanWeb
Photo credits: Sean MacEntee