Credit card spends drop sequentially as festive season draws to close

Monthly spending is more than Rs 1 trn again, led by the rising share of e-commerce transactions

Credit card spending dropped 11 per cent sequentially in November at Rs 1.15 trillion, but topped Rs 1 trillion for the ninth month straight, data from the Reserve Bank of India (RBI) showed as the festive season ends and consumption activity slows down.

Year-on-year (YoY), spending was up 29 per cent. Card spends have consistently topped the Rs 1 trillion mark, led by the rising share of e-commerce transactions. Travel and hospitality spending has come back strongly after being subdued in the coronavirus pandemic, aiding growth in credit card spends, experts said.

Credit card spends touched an all-time high of