By Constantinos Psillides
Cypriots use their credit cards less frequently but when they do use it, spend larger sums, according to a report by the European Central Bank (ECB) that studied credit card patterns throughout the EU and the eurozone for 2012.
According to the report, during 2012, Cypriots used their credit cards for 48 payments per person on average. The EU average is 79 while the eurozone average is 70.8.
Sweden takes the top spot on credit card usage with 230 transactions on average per year per person, followed by Denmark with 224 and Finland with 213. Bulgaria takes the last spot with four credit card transactions on average per person, barely topped by Greece and Romania whose citizens used their credit cards seven times on average in 2012.
While Cyprus is far from the EU and eurozone average in credit card transactions, Cypriots are above the average when it comes to the total sum of the transaction.
According to the ECB report, the average credit card spend per year in Cyprus was €4,055, which was also the EU average while the eurozone average came to €3,613.
Luxembourg topped the credit card transaction sum list with €12,000 spent on average per year, while Greece, Romania and Bulgaria again were last, registering total spend per person per year n average of below €500.
The ECB remarks in its report that credit card usage continues to increase in all EU countries.
The report also said that southern European countries showed considerably low credit card usage, compared with people from northern European countries.