Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Sat, 19 Feb 2022 10:50 AM IST
Summary
Credit Card Spends In January-February: Credit card spending has come down after the festive season is over. A report expects the average monthly total credit card spend in the country to be in the range of Rs 84,000 crore to Rs 88,000 crore in January and February, much lower than the December quarter.
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Expansion
So much expenditure in the December quarter of 2021
According to the report, the country’s credit card users spent a total of Rs 94,700 crore in the December quarter. The brokerage house said that while more than one and a half months have passed since the beginning of this year, the data received shows monthly average credit card spend of Rs 76,700 crore so far in FY22. The credit card to debit card spend ratio stood at 1.39 times in December 2021, the highest since April 2019.
HDFC leads in card issuance
In terms of credit card issuers, HDFC Bank leads the market share with 25.1 per cent in December. It is followed by State Bank of India (SBI) cards, which had a share of 19.8 per cent. The credit card outstanding (CIF) per card at the industry level stood at Rs 18,069 till December 2021, the report said.
ICICI’s strong performance
Among the credit card issuing banks, ICICI Bank registered the strongest growth, followed by Axis Bank and Kotak Mahindra Bank. In addition, American Express and Citi India declined by 11 per cent and 5 per cent, respectively. Motilal Oswal is of the view that players like SBI Cards, ICICI Bank and Axis Bank will continue to outperform while HDFC Bank Credit Cards will continue the strong momentum.