Romania Credit Card Use Doubles In 2010 - GfK

"The credit card lost a great deal in popularity throughout 2008 and until mid-2009. Some 11% of the urban population aged over 15 was using this type of banking product in January 2008, and the number of users halved by September 2009. Starting with the end of 2009, growth was resumed, thus 10% of the urban population is currently using a credit card," said Anca Zamfirescu, senior researcher with GfK Romania.

Even though the economic crisis widened in 2010, banks focused on promoting shopping cards with various benefits, including an extended grace period, which could explain the upward trend.

According to the survey, this type of banking product is mainly used by employed people, usually in management or specialists with a college degree.

Most credit card holders use the item when shopping, while 25% of users stick to ATM cash withdrawals.

The conclusions are based on two surveys conducted by GfK Romania, namely GfK FMDS and Roper Reports Romania 2010.

GfK Financial Market Data System, or FMDS, is a bimonthly survey tracking the banking habits of people aged over 15 in 13 countries of Central and Eastern Europe.

Roper Reports Romania 2010 is a biennial 25-state survey on the life styles and values of consumers.

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