Over the last few years, there has been a rapid increase in the number of credit card users in India. On top of that, various online and offline platforms also offer lucrative deals on credit cards, attracting customers to buy their products.
According to the reports, there was a massive surge in credit card usage in India in October 2024. Reportedly, the credit card spending this month crossed Rs. 2 lakh crore. There was a rise of 14.5% in credit card usage in October, compared to September.
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According to the RBI, credit card spending in October reached Rs. 2.02 lakh crore. There is a 13% increase in spending compared to the same month last year.
The total number of credit cards also grew by 12.85%, reaching 106.88 million. This is a 0.74% rise compared to September. HDFC Bank is in the first place in issuing new credit cards, with 2,41,119 cards. It was followed by SBI (2,20,265 cards), and ICICI Bank (1,38,541 cards).
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Experts say the rise in credit card spending is due to a lower spending base last year and attractive discounts and EMI offers during the festival period.
