Real credit cards more popular

  • 2004-08-12
  • Baltic News Service
TALLINN - Even though the use of credit cards has increased in Estonia, according to the country's largest bank, Estonians remain sensible card users.

As of the end of July, Hansapank had issued 145,315 credit cars, and 35,000 during the past year alone. Annely Herman, head of Hansapank's small financing division, said there was still room for development on the market, both in terms of new card owners as well as more active card use.
"If in Estonia only about one in three employed persons has a credit card, then in Western Europe one in two has [them]," she said.
On average Estonians take cards with a 12,000 kroon (767 euro) limit, of which about half is used, Herman said. "People gain more and more experience and information, and this gives them more courage to more actively use financial products," she explained. Although credit cards have been issued for nearly 10 years in the Baltic country - cards that are internationally regarded as classic (nonfixed repayment date) - have only been in use for four years.