Increased overseas visits push card spending to record high

The prolonged economic slump at home and abroad is prompting consumers, companies and government organizations to tighten their belts. But card spending overseas appears to be going against the trend.

According to data from the Bank of Korea, the nation’s overseas credit card payments in the third quarter amounted to about $2.37 billion, setting a new record.

BOK officials attributed the overseas card spending increase to the rise in the number of Korean visitors to foreign countries. In the period, about 3.7 million Koreans made overseas visits.

By Chung Joo-won (joowonc@heraldcorp.com)