Credit card circulation and spending in Hong Kong rose sharply in the fourth quarter of 2025, with overseas retail spending posting the fastest growth, as consumers stepped up card use toward year-end, official data showed.
The Hong Kong Monetary Authority said that the total number of credit cards in circulation reached 28.99 million by the end of December 2025, up 15.6% from the previous quarter and 38.4% from a year earlier.
Total credit card transactions climbed 3.0% quarter on quarter to 393.96 million, while transaction value rose 9.1% to HK$311.6 billion. Compared with the same period in 2024, transaction volume increased 16.1% and value rose 14.8%.
Retail spending in Hong Kong accounted for the bulk of credit card transaction value at HK$201.6 billion, or 64.7% of the total, while overseas retail spending made up HK$100.3 billion, or 32.2%.
Cash advances accounted for HK$9.6 billion, or 3.1%. The annex to the HKMA release showed overseas credit card spending rose 4.3% quarter on quarter and 30.2% year on year, outpacing domestic Hong Kong spending, which increased 2.4% from the prior quarter and 11.4% from a year earlier.
Debit card activity was more mixed. The total number of debit card transactions linked to retail sales and bill payments rose 2.7% from the previous quarter to 53.7 million in the fourth quarter, while total value increased 11.0% to HK$69.6 billion.
On a year-on-year basis, however, debit card transaction volume fell 3.2% and value declined 4.6%, the HKMA said.
The central bank said the total number of debit cards in circulation is unavailable because a single card can carry overlapping debit card brands.
It added that payment card transaction trends are affected by seasonal factors and the broader economic environment, making quarterly readings more volatile.
The latest figures add to signs of stronger card activity in Hong Kong at the end of last year.
In a separate release last month, the HKMA said total card receivables rose 8.7% in the fourth quarter to HK$164.2 billion at end-December 2025, driven mainly by festive spending and salaries tax payments.
The Q4 data suggests Hong Kong’s higher-value card spending remained resilient into the year-end holiday period, especially for cross-border and overseas purchases.
The divergence between stronger credit card growth and softer annual debit card performance may indicate that consumers are leaning more on credit for travel, discretionary purchases, and liquidity management, rather than relying solely on direct bank-account spending.