The average cost of Ecuadorians with credit cards went from USD 180 in 2021 to USD 206 in 2022, according to a study by the Association of Private Banks.
Referential image of credit card purchases.
Spending with credit cards in Ecuador reached USD 18,639 million in 2022. This is a record growth of 25%, or USD 3,743 million more than in 2021.
It is shown by the ABC study of Credit Cards, presented on March 9, 2023 by the Association of Private Banks (Asobanca) and Aval Buró.
Because 2022 was a year with fewer mobility restrictions due to the Covid-19 pandemic and unemployment fell, consumption in Ecuadorian households grew compared to 2021, the document explains.
Pichincha, Guayas and Manabí lead the use of this type of means of payment.
During 2022, Ecuadorians made 90.3 million transactions with their cards; that is, 9.3% more than in 2021. Average consumption also increased from USD 180 in 2021 to USD 206 in 2022.
More deferred
54.3 % of consumption with cards in Ecuador was paid in installments deferred to several months, with and without interest.
And 39.4% of purchases are grouped into what is known as rotating consumption; that is to say, clients who pay only a part of the quota that corresponds to them to pay.
This group includes customers who pay the minimum fee suggested in their account statement, explains the Asobanca report.
Only 6.3% of the consumptions were in the current mechanism; that is, in a single payment.
More new clients
In Ecuador there were 2 million customers with credit cards in 2022. Of that number, 55,517 were new cardholders and among the new ones, half were under 25 years of age.
The new cardholders made consumptions for USD 47.5 million, which is equivalent to barely 0.25% of all consumptions in 2022.
However, rotating and current consumption is higher in the case of new customers compared to the average for all customers.
