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Credit card spends have seen a growth of 17% in October and 11% in November

Mumbai, NFAPost: Credit card spends are seen to have risen sharply in October and the first week of November on the back of festive spends.

“Credit card spends have grown 34 per cent quarter-on-quarter in the second quarter of 2021-22 and trends of October and November first week remain very strong,” said a report by ICICI Securities.

October 2021 is likely to be 15%-18% better than September 2021 and the run rate for the first week of November has been better than October 2021, it further said. As per trends, credit card spends have seen a growth of 17% in October and 11% in November.

The traction in spends through credit cards is evident from absolute spends of ₹80,200 crore in September 2021 and the ratio of credit card to debit card spends which stands at 1.28x now, the report noted.

According to data with the Reserve Bank of India, there were 6.5 crore outstanding credit cards at the end of September 2021 compared to 6.39 crore in August.

Of this, HDFC Bank continued to have the largest number of credit cards at 1.49 crore in September compared to 1.47 crore in August.

Credit cards in force for State Bank of India rose to 1.25 crore in September from 1.24 crore in August. ICICI Bank’s credit cards grew to 1.16 crore in September versus 1.14 crore in August.

Banks too have reported robust growth in credit card spends in the second quarter results and have been expecting increased transactions with the opening up of the economy.

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