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HDFC Bank continues to lead in the number of active cards, followed by SBI Cards, ICICI Bank, and Axis Bank.
NUMBER OF THE WEEK
103.3 million: Total number of credit cards in circulation in May 2024
The total number of credit cards in circulation increased from 87.4 million last year to 103.3 million in May 2024, marking a growth of 18 per cent year-on-year (Y-o-Y). The number of active cards rose by 0.76 million in May.
Credit card spending in May 2024 increased by 17 per cent year-on-year to Rs 1.65 trillion. It was up 6.45 per cent from Rs 1.55 trillion in April 2024.
HDFC Bank continues to lead in the number of active cards, followed by SBI Cards, ICICI Bank, and Axis Bank.
Credit cards offer users discounts, cashback, and other attractive deals. They are useful in emergencies, provide an interest-free period of up to 45 days, and facilitate hassle-free transactions both online and offline. Moreover, responsible use of credit cards, such as making full payments before the due date, can help improve your credit score.
Choosing the right credit card depends on personal spending habits and reward preferences. For those who spend heavily on groceries, cards offering bonus rewards at supermarkets are ideal. Similarly, frequent travellers should opt for cards that provide airport lounge access and travel protections, such as trip delay insurance and baggage delay insurance.
First Published: Jun 28 2024 | 10:40 AM IST