Credit Card Report

Go online to check your pre approved offers. Your bank may have one basis your income. So will websites such as BankBazaar.com. The young prefer lifetime free cards. Take one that helps you save money and helps you access a preferred lifestyle.

Seasoned Users?

Looking for an upgrade to an existing card? Take a premium card. Their annual fees pay for themselves as gift cards and premium experiences. Take a card that helps you achieve the lifestyle you aspire to, be it fine dining,travel, or premium shopping.

Brand Mascots?

Are you loyal to a brand? Buy a co-brand card issued in partnership with your favorite brand. A co-brand card makes it easier for you to enjoy your favourite brands. For your loyalty, you get accelerated reward points, brand discounts, and premium brand experiences.

Coming Up: A Hundren Million Credit Card

India's changing how it pays—and credit cards along with UPI are at the heart of the change. This primer will give readers an overview of his change, the banks behind it, and where we could expect to be in a few years

Data from the Reserve Bank of India reveals that in April 2023, we had over 8.6 crore credit cards in play. This number has shot up by about 15% over April 2022 when it was 7.5 crore. The growth was slightly slower than the 20%+ we've had in recent years. But we're nudging to the 100 million cards outstanding mark, expected to arrive sometime in or after 2023.

Credit-confident Indians are flipping out their credit cards for big-ticket purchases, encouraged by reward points, cashback, no-cost EMIs, and premium lifestyle rewards. This reflects in the steady growth of the average transactions. In April 2023, the industry average was ₹5120 per transaction. The industry average monthly spend per card was ₹15,388.

In April 2022, the industry average spend per card was ₹14,070 and the average transaction was ₹4731. Similarly, the outstanding debt on credit cards grew a whopping 30% from ₹1.54 lakh crore to ₹2 lakh crore, April on April.

When it comes to big and mid-sized spends like travel, electronics, dining, or shopping, people love their cards for the rewards it gives them. But on small transactions such as grocery spends, they prefer UPI, which, too, has grown tremendously.

In April 2023, UPI moved over ₹14 lakh crore over 886 crore transactions — averaging nearly ₹1600 per transaction. Last April, UPI had moved ₹9.8 lakh crore over 558 crore transactions.

This means the debit card is losing out. Though we saw 4.6 crore debit cards being added to the market taking the total to 96 crore, transactions are falling hard. The debit card moved just under ₹55,000 crore (down 16%) over 23 crore transactions (down 30%).

We'll see these trends strengthen. Credit cards outstanding and average spends will go up. We expect them to peak this fiscal during the Diwali month of November. More young Indians will buy their first credit card, and credit-wise Indians will upgrade to premium cards,

India's Credit Card Market- The One Crore Cards Club(4 BANKS, 71% MARKET SHARE)

Movers & Shakers Banks Growing Rapidly

One of the major developments in the credit card market has been the acquisition of Citi Bank's retail assets by Axis Bank. Citi's credit cards have therefore moved to Axis, which has seen a huge jump of over 30 lakh in its cards outstanding. Kotak Mahindra Bank, too, has made giant strides.

The biggest risers are smaller private banks such as South Indian Bank which recently ventured into credit cards and are expanding their retail assets rapidly. Among government banks, Bank of Baroda has seen a 63% growth, while Bank of India, Bank of Maharashtra, and Canara Bank have cut back.

How Much do we use Credit Cards?

Cards With Hishest Spends:

Digital Rewards

Why Consumers Love Digital Convenience?

A credit card is versatile. You can use it pretty much anywhere. It's convenient and rewarding. You use them for big and mid-sized online spends. You get accelerated points, deals, discounts, and cashback. Now, there's a BNPL loaded on your card with no-cost EMIs. With RuPay cards, you can even make UPI payments. Credit cards are also the way the young will continue to initiate and strengthen their credit histories. With BankBazaar co-brand credit cards, the journey from getting the card to using it is entirely digital. It's why our customers love them.