By Saloni Shukla
Copyright indiatimes
Mumbai: Credit card issuances surged to a seven-month high in August, as lenders led by HDFC Bank ramped up distribution in anticipation of the festive demand, regulatory data showed.In total, nearly 700,000 cards were added during the month, taking the total number of active credit cards to 112.3 million.HDFC Bank led the additions with 221,000 new cards, taking its total card base to 25 million, though the pace slowed compared with July when it added 315,000 cards. Axis Bank followed with 140,000 additions, taking its tally to 15.3 million. It added 122,000 credit cards in July.ICICI Bank added 130,000 cards in August, raising its total to 18.1 million, with fresh distribution nearly doubling from the 67,664 cards sold in July. SBI Cards, the second-largest issuer, added 69,531 cards, taking its base to 21.3 million, against 66,640 in July. Kotak Mahindra Bank added over 6,000 cards, with its total card base at 4.6 million.”We are seeing a great uptick in spends with the start of the festive sales and shopping season,” said Frederick D’souza, business head-credit cards, Kotak Mahindra Bank.Live EventsSpending has increased on consumer and experience-focused items such as travel and lifestyle, and the lead provided by tax incentives is expected to further expand the use of credit cards.Web Purchases”Online transactions continue to lead the way and categories such as electronics, travel, lifestyle, and dining are driving this momentum, reflecting a clear shift toward premium and high-value purchases,” D’souza said. “Business is further amplified by aggressive festive campaigns from brands highlighting GST benefits, bundled offers, and easy payment options.”RBL Bank, however, saw a decline of over 100,000 cards in August, with its active base slipping to 4.5 million. Despite this, it remains optimistic about the upcoming season.”We anticipate strong festive spending across categories such as e-commerce, travel, and electronics,” said Bikram Yadav, head-credit cards, RBL Bank. “We’re also amplifying this momentum with exclusive offers, discounts, and festive rewards for our credit card customers.”While monthly credit card spends were flat at ₹1.91 lakh crore, they registered a robust 28% year-on-year growth, reflecting strong consumer sentiment.Add as a Reliable and Trusted News Source Add Now!
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