Credit card spending up 16.6 pct in July

SEOUL, Aug. 18 (Yonhap) -- South Korea's credit card spending jumped 16.6 percent in July from a year earlier due mainly to a rise in consumer spending and increased shopping at discount chains and online venues, a trade association said Thursday.
Purchases made with credit cards totaled 38.7 trillion won (US$36.1 billion) in July, up 5.5 trillion won from the same month a year earlier, according to the Credit Finance Association (CFA).
The on-year gain was fueled by a rise in consumer prices. South Korea's consumer prices jumped 4.7 percent in July from a year earlier, accelerating from a 4.4 percent rise tallied the previous month.
Increased purchases at discount chains and online shopping malls as well as a rise in consumer electronics and auto sales contributed to the July increase, the CFA said.
Compared with the previous month, credit card spending rose 1.1 trillion won, or 3 percent, as consumers spent more on education and tourism during the summer vacation season, the association said.
The data includes spending by credit cards as well as debit and prepaid cards. Cash advances and overseas spending were not included.