Date: Nov 23, 2015
By: Staff writer, with CNA
Taiwanese now hold almost 25 million active credit cards out of the 38.32 million cards issued by 36 institutions, and the balance of revolving credit stood at NT$107.6 billion (US$3.29 billion) as of the end of September, statistics from the Financial Supervisory Commission (FSC) showed.
Credit cards were introduced to the nation in 1974, and when the government allowed the formation of new banks in 1990, the credit-card and cash-card business became a cash cow for these banks.
The number of active credit cards exceeded 30 million in the early 1990s as banks simplified the application process and lowered the requirements for approval.
Some banks allowed young people, particularly university students, to apply for cards, and many young cardholders became so-called “credit card slaves” — a term referring to those who can only pay the minimum balance on their card bills every month. [FULL STORY]