The Reserve Bank of India recently released credit card data for May 2023, revealing that the total number of active credit cards in India increased from 8,65,12,698 at the end of April 2023 to 8,77,47,311 in May 2023, representing an increase of 12,34,613 cards.
Here is a graphic illustrating the market share of credit cards:
This may indicate that 12,34,613 new credit cards were issued by Indian banks during that month. However, we should also consider attrition. If the attrition rate is 1% (which is the industry average), then approximately 8,65,000 more credit cards have been issued. Therefore, approximately 21 lakhs credit cards have been issued in May 2023, which is almost the same as last month.
The above graphic clearly shows the issue with SBM Bank, as they have lost the highest number of credit card customers. SBI Card, on the other hand, has emerged as the leader in acquiring new credit card customers, followed by HDFC Bank and Axis Bank. It is a remarkable achievement for SBI Card to surpass HDFC Bank in terms of credit card issuance. In May 2023, SBI Card issued nearly 38,000 more credit cards than HDFC Bank. Interestingly, HDFC Bank issued almost 100,000 fewer credit cards in May 2023 compared to April 2023.
In terms of spending, the total credit card expenditure in May 2023 amounted to Rs. 1,406,592,598,000. To provide a visual representation, I have included a graphic showcasing the top 10 banks based on credit card spending.
HDFC Bank reigns as the leader in the Indian credit card industry, boasting the highest number of credit card customers and holding the largest market share in credit card spends. The gap between the first (HDFC Bank) and second (ICICI Bank) positions is approximately Rs. 15,68,56,052,000.
Total Spends Breakup:
If you are a credit card enthusiast, you may be surprised by the performance of ICICI Bank as they have the worst reward system. However, it's important to remember that rewards are not everything. ICICI Bank is renowned for its extensive range of online and offline deals, regularly offering discounts on numerous online and offline stores. Overall, the credit card market in India is steadily growing.
Here is a graphic illustrating the market share of credit cards:
This may indicate that 12,34,613 new credit cards were issued by Indian banks during that month. However, we should also consider attrition. If the attrition rate is 1% (which is the industry average), then approximately 8,65,000 more credit cards have been issued. Therefore, approximately 21 lakhs credit cards have been issued in May 2023, which is almost the same as last month.
The above graphic clearly shows the issue with SBM Bank, as they have lost the highest number of credit card customers. SBI Card, on the other hand, has emerged as the leader in acquiring new credit card customers, followed by HDFC Bank and Axis Bank. It is a remarkable achievement for SBI Card to surpass HDFC Bank in terms of credit card issuance. In May 2023, SBI Card issued nearly 38,000 more credit cards than HDFC Bank. Interestingly, HDFC Bank issued almost 100,000 fewer credit cards in May 2023 compared to April 2023.
In terms of spending, the total credit card expenditure in May 2023 amounted to Rs. 1,406,592,598,000. To provide a visual representation, I have included a graphic showcasing the top 10 banks based on credit card spending.
HDFC Bank reigns as the leader in the Indian credit card industry, boasting the highest number of credit card customers and holding the largest market share in credit card spends. The gap between the first (HDFC Bank) and second (ICICI Bank) positions is approximately Rs. 15,68,56,052,000.
Total Spends Breakup:
If you are a credit card enthusiast, you may be surprised by the performance of ICICI Bank as they have the worst reward system. However, it's important to remember that rewards are not everything. ICICI Bank is renowned for its extensive range of online and offline deals, regularly offering discounts on numerous online and offline stores. Overall, the credit card market in India is steadily growing.
