Credit cards circulation increases by 18% to 103.3 million in May

Credit card spending in May 2024 increased by 17 per cent Y-o-Y to Rs 1.65 trillion from Rs 1.55 trillion in April 2024, rising by 6.45 per cent

The total number of credit cards in circulation increased by 18 per cent year-on-year (Y-o-Y) to 103.3 million in May 2024 from 87.4 million in the year ago period. The number of cards in force rose 0.76 million in May.

Credit card spending in May 2024 increased by 17 per cent Y-o-Y to Rs 1.65 trillion in May 2023. The spending rose by 6.45 per cent from Rs 1.55 trillion in April 2024.

HDFC Bank continues to be the leader in the number of cards in force followed by SBI Cards, ICICI Bank, and Axis Bank.