Credit card spends growth slows to 5.5% in August; SBI Cards share dips

Industry credit card spending growth eased to 5.5 per cent in August from 7.1 per cent in July, while SBI Cards' share of spends fell to 17.5 per cent.

Credit card spending growth moderated in August, with industry spends rising 5.5 per cent year-on-year compared with 7.1 per cent in July, even as the number of cards in circulation grew 9.5 per cent, according to Reserve Bank of India (RBI) data. SBI Cards saw a sharper slowdown, with spending growth easing to 7 per cent from 22 per cent in July, pulling its share of industry spends down to 17.5 per cent from 19 per cent. The company’s card base, however, grew 7.6 per cent year-on-year, with net additions rising to 190,000 in August, up 5.5 per cent month-on-month and accounting for around 18 per cent of industry additions. HDFC Bank gained spending share during the month, while ICICI Bank and Axis Bank saw their shares decline.