Net card spending rises 60% as credit card additions rise to 4-mth high

Spending per credit card has increased by 60 per cent in the last 4 months to Rs 17,405.62 in December 2024 amid rise in net card additions to 108.6 million, which was a 4-month high. 

The per credit card spending rose by 3.20 per cent Year-on-Year (YoY) from Rs 16,865.26 in December 2023 and 8.22 per cent YoY from Rs 15,584.21 in December 2022. 

In the last four months, the per card spending of the leading credit card issuer – HDFC Bank - slipped by 1.45 per cent to Rs 19,951.58, while SBI Card slipped by 1.52 per cent to Rs 12,572.33. ICICI Bank rose by 9.20 per cent to Rs 17,850.8 and Axis Bank’s per card spending increased by 15.54 per cent to Rs 13,514.96.