Card spending climbs over 7% in Q2

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Credit card spending rose by more than 7 percent in the second quarter from a year earlier due to the wealth effect stemming from a bull run on the local stock market and sound corporate earnings, data showed Thursday.

Spending made with credit, debit and prepaid cards came to 336.9 trillion won ($230 billion) in the April-July period, up 7.6 percent from the same period last year, according to the data compiled by the Credit Finance Association.

The number of approved card settlements climbed 6 percent on-year to 7.96 billion cases over the cited period.

Also, an overall rise in prices of commodities contributed to a rise in card spending, it said.

Spending with corporate cards rose 8.7 percent on-year to 63.4 trillion won, and that by individuals went up 7.4 percent to 273.7 trillion won over the cited period, according to the latest data.