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Credit cards began to be issued three times less because of quarantine

Credit cards began to be issued three times less because of quarantine
The issuance of credit cards in April decreased by three times. According to the United Credit Bureau (OKB), not only the number of cards issued decreased, but also the limits for borrowers.

According to the OKB, in April credit card issuance decreased by 67% compared with March. Compared to April 2019, the issuance decreased even more significantly - by 73% in terms of quantity, and by 77% in terms of credit limit. In total, in April 2020, 267 thousand credit cards were issued for 19,4 billion rubles.

According to the Director General of the Design Bureau Arthur Aleksandrovich, such a decrease appeared against the background of the regime of self-isolation. Moreover, the issuance of cash loans was reduced by half. The difference is due to the fact that borrowers receiving credit cards are a more risky asset for the bank. In this segment, increased risks were noted in the second half of 2019 and, in order to avoid massive defaults in the future, banks tightened their policies in relation to borrowers.

According to preliminary estimates available at the OKB, the volume of credit cards issued in the Khabarovsk Territory decreased more than the average among the Far Eastern regions - a decrease of 65%, where in April 2,9 thousand credit cards were issued. In Primorsky Krai, the volume decreased by 60% - 3,9 thousand cards. The credit limit also decreased in these regions: in the Khabarovsk Territory by 49% (2,6 billion rubles in total), and in Primorsky Krai by 52% (up to four billion rubles).
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