Credit card spend tops Rs. 1 trillion in March 2022

Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion — five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure.

The jump has been driven by the pickup in consumption as the pandemic recedes.

Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.

Further, more than 1.9 million credit cards (on a net basis) were added in March — the highest for a month in FY22, taking the number to 73.6 million at the end of the financial year.

So, in a year, 11.6 million credit cards were added (on a net basis). Month-on-month, credit card additions (on a net basis) increased by 31.7 per cent.