Credit card spends dip in Feb but top Rs 1 trn for 12th straight month

Credit card spends in February dipped by about 8 per cent over January, but remained above the Rs 1-trillion mark for the twelfth consecutive month. According to the latest data released by the Reserve Bank of India (RBI), in February, credit card spends stood at Rs 1.18 trillion, up over 37 per cent from the year-ago period.

February typically sees a slight dip in spends compared to other months because it has fewer days. In January, spends had touched Rs 1.26 trillion, the second highest figure ever recorded.

Credit card spends hit an all-time high in October, topping Rs 1.29 trillion, driven by the festive season. In FY23, credit card spends have been driven by discretionary spending, especially on travel and e-commerce.

Meanwhile, the banking industry added close to a million cards in February at 913,727, which is lower than the average of 1.2–1.5 million cards per month. The credit-cards-in-force (CIF) base now stands at 83.36 million. While HDFC Bank, the largest issuer of credit cards in the country, added just about 63,867 cards on a net basis in February, SBI Card and Axis Bank added 295,839 cards and 200,545 cards, respectively. ICICI Bank, on the other hand, added about 82,543 cards during this period.