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Russian banks reduce the number of issued credit cards

Russian banks reduce the number of issued credit cards

Russian banks have significantly reduced the level of issuing credit cards, Forbes reports referring to RBC and the data of the credit bureau Equifax. This decline was observed for the first time in 5 years.

The number of issued cards has declined to 540,200 in comparison with the same period last year. Over the year, the limit on cards decreased by 22.7% to 22.8 billion rubles. During the fourth quarter of last year, the issuance of credit cards also diminished, but the process was slowlier. In terms of money the decrease reached 11.4%. Compared to December, card clearance has dropped by over 40%. The analysts of the publication noted that January is always less “active” than the pre-holiday December.

Other organizations also mentioned the cooling of the loan market. The National Bureau noticed a decrease in issued cards by 11.2% compared to the beginning of last year. Based on statistics from the United Credit Bureau, banking organizations issued 617,700 cards in January, which is 16.8% less than in the same month of 2019. The total limit was RUB 50.2 billion (27.9% less).

Reducing the issue of credit cards is a continuation of the Central Bank’s program dedicated to the loan market cooling, said Olga Ulyanova, president of Moody’s. From October 1, the regulator requires credit institutions to independently calculate the level of debt burden of citizens, as well as take into account its burden on the company’s capital. A credit card is a long-term product, it doesn’t allow you to track the debt load and adjust the maximum loan amount. Meanwhile, when requesting a loan, the bank may refuse the client. Ulyanova also noted that January was previously a weak season for lending to individuals. Oleg Lagutkin, the general director of the Equifax agency, claims that the effect of the regulator’s measures is still preserved, although the peak of the consequences occurred in the fall. Alexey Volkov, Marketing Director of the National Bureau of Credit Histories, said that the decrease in personal income tax affected majorly high-limit credit cards.


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