There used to be a lot of shopping with credit cards, now that banks prepping for the holiday season

Mumbai: There was a record increase in credit card spending in June and July of this year. This also exceeded the expenses incurred during Diwali last year. According to a report from our affiliate newspaper Economic Times, this credit card spending trend is set to continue even further. Bankers believe such spending will peak in the upcoming holiday season, surpassing all previous records. . In view of this, HDFC Bank, Axis Bank and Kotak Mahindra Bank started courting customers to promote the use of their cards. These entice customers to shop during the festival with lucrative offers.

Sumit Bali, Head of Retail Banking, Axis Bank, said: “Credit card spending figures in June were very strong, reflecting the return of consumer confidence. This spending trend continues in July and early August as well. It is expected to peak in October. From travel to entertainment and every other category, the spending trend has been strong.

Parag Rao, Group Head, Payments, HDFC Bank, said, “Our festive, credit card-focused processing plan will cover all merchant partner segments to deliver great deals to our customers. This includes partnerships with major e-commerce platforms such as Amazon and Flipkart, food delivery partners such as Swiggy and Zomato, travel partners such as MakeMyTrip and Goibibo, and beauty partners such as Myntra and Nykaa .

There has also been a considerable increase in the number of credit cards in recent months. According to RBI data, various banks across the country added 18,000 credit cards in June. With this, the number of credit cards increased to 7.82 crores. This number is 25.3% higher than last year.

Source: navbharattimes.indiatimes.com

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