Seoul: Credit card spending rose by more than 7 percent in the first quarter from a year earlier due to the wealth effect amid the Middle East crisis, data showed Thursday. Spending made with credit, debit, and prepaid cards came to 322 trillion won (US$219 billion) in the January-March period, up 7.2 percent from the same period last year.

According to Yonhap News Agency, the data compiled by the Credit Finance Association indicated that the number of approved card settlements climbed 5.1 percent on-year to 7.2 billion cases over the cited period. The rise in card spending came on the back of a bull run on the local stock market and sound corporate earnings, the association said.

Additionally, a rise in oil prices in March was in part attributable to the increased card spending. Spending with corporate cards rose 8.7 percent on-year to 57.8 trillion won, while spending by individuals increased 6.8 percent to 264.4 trillion won over the cited period, according to the latest data.