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Credit card spending topped Rs. 1.13 crore in May

RBI data: Credit card spending exceeded Rs. 1.13 billion in May_40.1

Can seen Credit card Spending hits an all-time high of $1.14 trillion, suggesting retail is doing well. Corresponding Reserve Bank of India dataCredit card spending grew 118 percent annually and 8 percent monthly, driven by strong e-commerce spending, high-value travel and tourism spending, and discretionary shopping.

IMPORTANT POINTS:

  • Despite inflationary pressures and rising interest rates, credit card spending is in Can stayed well above $1 trillion. The total amount spent on credit cards in May was $1.13 trillion compared to $1.05 trillion in April and $52.2 trillion in May last year.
  • The largest incremental increase in credit card spending was seen by Industry Bank and Kotak Mahindra Bank, at 17% and 15% respectively. All other companies saw growth in the 4-9% range. American Express, on the other hand, was down 2% month-on-month.
  • The total number of active credit cards in the system rose 23.2 percent annually to 76.9 million in May 2022, the highest number in the past 27 months.
  • With 38,000 new cards added in the same month, HDFC bank had the highest monthly additional card addition rate. Since April, the bank has seen an increase in the market share of credit card spending.
  • In May, the bank’s market share of credit card purchases was 27.7%, compared to 27.6% in April and 26.6% in March.

After this RBI eased the moratorium on new credit card issuance in August last year, HDFC bank launched 1 million new credit cards and launched three credit cards, which helped increase market share. On the other hand, Axis Bank, despite adding many cards in May, reported a drop in spending market share.

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