Global financial crisis is depicted by the fall in number of credit cards in the market reduced by 27% since 1st April 2009.
Volume of transactions on credit cards fell by 10% during April to December 2009 in comparison to April to December 2008. Credit card transactions fell by over Rs.4,800 crore to Rs.45,756.47 crore against Rs.50,578.92 crore.
The Reserve Bank of India’s (RBI) February Bulletin revealed that the number of outstanding credit cards was 283.12 lac in April 2008, which reduced to 206.45 lac in December 2009, which is a fall of 27.1 per cent. (Outstanding cards are those cards which were issued by banks. The figure excludes the blocked and withdrawn cards.)
Although, there has been an increase of 62% in the number of outstanding debit cards. It has gone up to 1,705.68 lac in December 2009 from 1,049.91 lac in April 2008. This depicts that one wants to spend the income already earned rather than expending on credit.
Debit card payments has shown a sharp rise of over 40 per cent to Rs.19,288.83 crore in the first three quarters of the current fiscal year against Rs.13,722.44 crore in the corresponding year.
You might find these relevant:
- Credit card cloning | How can you be safe
- Credit Card Charges | Hidden credit card charges
- Best Way to Apply for Credit Cards is Online
- Cards are useful, but make sure you are covered
- Kotak Credit Card Charges
- HDFC World Master Credit Card | Eligibility | Features and Benefits | Apply
- HDFC Visa Signature Credit Card | Eligibility | Benefits and Features | Apply
- HDFC Titanium Credit Card | Eligibility | Features and Benefits | Apply
- Number of credit card holders slips to 18.3 mn in March: Fewer swipes
- ICICI Bank Credit Cards Eligibility and Fees