Total credit card receivables rose 14.6%, or $8.7 billion, in the fourth quarter, despite a transfer of $72 million in rescheduled receivables (representing 0.1% of average) outside the credit card portfolio.

The Monetary Authority attributed the rise to a combination of payment of salary taxes by credit card and increased spending during December.

The total number of credit card accounts rose 2.5%.

The rollover amount, which reflects the amount of borrowing by customers using their credit cards, rose $24.6 billion from $24.2 billion at the end of September.

The charge-off amount was little changed in the fourth quarter at about $430 million or 0.68% of average receivables, compared with 0.74% in the previous quarter. The annualised charge-off ratio fell to 2.72% from 2.95% in the previous quarter.

Notwithstanding an increase in the delinquent amount to $250 million, the delinquency ratio fell to a new low of 0.37% at the end of December on the back of rapid growth in total card receivables.

The amount of rescheduled receivables fell to $60 million or 0.09% of total receivables, from $66 million or 0.11% in the third quarter. The combined delinquent and rescheduled ratio declined further to 0.45% at end-December from 0.50% at end-September.