[Graphic News] Dormant credit cards fall sharply

By Suk Gee-hyun
  • Published : Jun 8, 2014 - 21:25
  • Updated : Jun 8, 2014 - 21:25
The number of dormant credit cards in South Korea dropped for the third straight year in March, according to Financial Supervisory Service data released Sunday.

About 10.56 million credit cards were idle for more than a year, down more than half from 23.72 million a year earlier, due in part to more issuers closing inactive accounts.

According to industry watchers, local banks and card firms have been cleaning up dormant accounts since a massive data leak earlier this year. A series of accidents have prompted concerns about inactive credit card accounts, which run high risks for fraudulent activity.