RBI’s latest credit card data offers a sharper view of consumer behaviour on the ground, beyond headline growth indicators.

Spending remains resilient even after the festive season. Credit card spends rose 11.5% year-over-year to Rs 1.89 lakh crore in November. However, they fell 12% from October as festive demand tapered off. The sequential decline reflects seasonal normalisation rather than a slowdown in consumption.

November’s growth was nearly double that of the same month last year. This was driven by higher card penetration and steady e-commerce expansion. Online transactions now account for over 60% of total credit card spending. This signals a continued shift towards digital consumption.

However, average spending per card has moderated. Per-card spends eased to around Rs 16,470 from October’s festive peak. This happened as big-ticket purchases declined and EMI usage increased. Meanwhile, lending norms tightened, and small-value payments increasingly shifted to UPI.

Private banks still dominate credit card spending with a 74% share. Though public sector banks have gained ground, lifting their share to 20.8% through aggressive card issuance. Despite this, the market remains concentrated. A few large banks account for nearly 80% of total spending, led by HDFC Bank, followed by SBI Card.

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