Irish cards are, on average, twice as likely
to be over limit than other cards, the FICO card data report for
the second quarter shows.
The data from the FICO Benchmark Reporting
Service compares overall market performance in the UK cards
markets with individual card issuers’ performance.
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Cards issued in Ireland were the worst
performing category – no surprise, given the current volatile
economy in Ireland; 86-87% of Irish cards were current in their
payments – the ration for UK cards lies between 92-94%.
Mike Gordon, FICO vice president and managing
director for Europe, the Middle East and Africa said:
“The data represents a detailed snapshot of
plastic performance in the UK.”
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By GlobalDataStudents and Irish worst
off
Student cards are more likely to be over their
limit and come with more volatility than other cards in the UK:
Student card accounts that were over limit have risen from 5.5% to
6% in the two years to date. Student cards were the only category
to see an increase in over limit accounts, FICO found.
All other accounts had lower levels than those
reported in 2009.
“Our latest benchmark reports do indicate a
slight tendency toward weaker performance, as the UK economy
continued a rocky recovery with high unemployment. Clearly, the
economy is causing more distress to students and to Irish
citizens.”
Some positives
Conversely, the percentage of classic and
premium cards have risen since 2009.
The report shows that card balances and
delinquency have remained steady throughout the past two years, but
there is a marginal increase in risk.
The data sample studied represents 26 million
accounts and comes from client reports generated by the FICO Triad
Customer Manager solution.
