The latest data from the Reserve Bank of India (RBI) says that the growth in credit spends is at a three-year high.
According to RBI Data, the growth in the total number of credit cards in the system at end-October was 7.5 per cent compared to 0.3 per cent in the previous year. The credit card spending has registered growth of 27 per cent (from Rs 17,314 crore to Rs 13,639 crore).
The number of cards at the end of October was 19.9 million, up from 18.5 million in the previous year.
HDFC Bank is the largest issuer of credit cards. At the end of October, the bank had a credit card base of 5.57 million, followed by ICICI Bank with 3.30 million card users.
According to reports, convenience and better offers on credit cards will further boost the usage of plastic money.