Credit card spends dip 11.6% in November after record show in October

November spends are still higher than pre-Covid levels, with 43% YoY growth

Credit card spends, which had hit a record high in October, dipped 11.6 per cent in November on a month-on-month (MoM) basis. However, the spends rose by 43 per cent on a year-on year (YoY) basis, thanks to recovery in economic activity and a rise in the share of e-commerce transactions.

In November, credit card spends totaled Rs 89,492.69 crore (value of transactions at PoS and ATMs), compared with Rs 101,228.64 crore in October. This was the first time such spends touched the Rs 1-trillion mark, registering a 25 per cent MoM growth, despite a high base.

Experts had already cautioned that