How Credit Card Is Revolutionizing The Indian Consumer Market? | First Time In India The Credit Card Usage Crossed The Rs.1 Trillion Mark

The Indian credit card market has shown a sudden spike in its monthly credit card spending. For the first time in history, the monthly credit card usage crossed the Rs. 1 trillion mark in October. According to a report released by RBI on 02/12/2021, the spending in October shows growth of over 25%. From May 2021 there has been a gradual growth in credit card usage and finally, it touched the sky in October. 

What Caused The Indian’s Credit Card Usage To Grow Exponentially And What’s The Inner Meaning Of It?

The Indians’ Credit card usage tends to swell up every year during the festive season, mostly because of the offers provided by leading e-commerce sites like Amazon and Flipkart. But can the festive season alone create such a huge impact? No! The enormous amount of credit card issuance is the main reason behind the sudden growth. 

The revolution in credit card issuance started in September when the RBI lifted its ban from HDFC bank. To make a solid comeback and regain its place, HDFC announced its aggressive strategy of issuing half a million credit cards in a month. Since then HDFC and its contestants (Like – ICICI, SBI, Axis, RBL, etc.) are involved in an aggressive game to secure their position. 

The result was obvious, from August, we have witnessed a massive growth in the numbers of newly issued credit cards. For instance, HDFC bank has issued over 4 million new credit cards from August 2021, Axis bank has issued 1.36 million flipkart axis bank credit card, and ICICI Bank has issued over 2 million Amazon pay ICICI Credit Cards. 

How Can You Take Advantage Of This Current Trend? 

To escalate the interests of customers all the major credit card providers refurbished their credit cards with attractive features and offers. For instance, HDFC bank launched its very first metal credit card named hdfc bank infinia credit card metal edition. Some new credit card companies like Slice, Zolve, Uni Pay, etc. appeared during this period. All these changes in the Indian credit card market make it the ideal time to apply for a new credit card. For your convenience, we have categorized the available Indian credit cards into 14 different segments.