Credit cards issuance in country increases by 16% to 104.6 mn in July

Credit card spending in July 2024 increased by 19 per cent Y-o-Y to Rs 1.72 trn in July

Total credit cards in the system increased by 16.31 per cent year-on-year (Y-o-Y) to 104.56 million in July 2024 from 89.9 million a year ago. The number of cards in force rose 14.66 million from the year-ago period. It rose by 0.75 million from June 2024.

Credit card spending in July 2024 increased by 19 per cent Y-o-Y to Rs 1.72 trillion in July. Sequentially, the spending increased by 8.9 per cent from Rs 1.58 trillion in June 2024. HDFC Bank continues to be the leader in the number of cards in force followed by SBI Cards, ICICI Bank, and Axis Bank.