In the third quarter of this year, 2.7 mio credit cards were issued totaling RUR 125.6 bln ($1.9 bln). Last year, banks issued only 1.6 mio cards during the same period, according to a press release from the Equifax Credit Bureau.
In money terms, the indicator jumped by 34% compared with the previous year, and by 148% from 2016. The credit limit on these cards has remained unchanged for a year, at an average of RUR 55,000 ($830). This is quite a small amount, given that banks usually calculate the amount of consumer loans with a factor of 6 relative to salary. That is, to be approved for a RUR 55,000 loan, it is enough to have a monthly salary of less than RUR 10,000 ($150). Moreover, in spring and summer 2018, the average credit card limit dropped to RUR44,000-46,000.
The percentage of credit cards used up in one month has decreased, experts say. The monthly share of so-called fully utilized cards (with the credit limit fully spent or withdrawn through an ATM) dropped to one third. At the beginning of last year, almost half of new credit card holders behaved this way. This suggests that Russians get credit cards not for immediate needs, but for future use – for a rainy day.
“This is partly due to the fact that credit cards are issued to payroll clients; they are also widely advertised and are becoming trendy, displacing cash turnover. With a new credit card, the holder enjoys a grace period and does not pay interest, which, again, stimulates the issue of new credit cards, but most of them remain unclaimed,” Equifax Russia CEO Oleg Lagutkin said.