The outstanding portfolio of private banks in the credit card space has increased by 59 per cent year-on-year while other issuers saw a 20 per cent growth in 2019 over 2018.
Moreover, the number of credit cards outstanding is also projected to grow at fast pace of 23 per cent CAGR in the next five years
Credit cards: Avoid the minimum amount repayment trap
Just one out of three millennials carries plastic, according to a Bankrate.com survey