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Credit card spending hits record high at Rs 1 4 lakh crore in May; 87 4 million cards in use

Credit card spending hits record high at Rs 1 4 lakh crore in May; 87 4 million cards in use
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Credit Card Spending Hits Record High At Rs 1 4 Lakh Crore In May; Cards In Use At 87 4 Million

Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone.

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Credit Card Spending May See Record High Of Rs 1 4 Lakh Crore 87 4 Million Cards In Use

While credit card spends were between Rs 1.1-1.2 lakh crore throughout the fiscal year 2023, they reached a new peak of Rs 1.4 lakh crore in May. Additionally, the average spend per card reached a record high of Rs 16,144, , credit cards, spending, banking

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Credit card spending hits record high at Rs 1 4 lakh crore in May

Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.

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Credit card spending hits record high at Rs 1 4 lakh crore in May; cards in use at 87 4 million

Credit card spending hits record high at Rs 1 4 lakh crore in May; cards in use at 87 4 million
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