According to the latest RBI statistics, there are over 2 crore credit card users in India. The big surge in eCommerce usage and the development of banking to ruralIndia has helped in this growth.


Till October 2014, there are 1.99 crore credit cards issued in India. The total transaction value is at Rs. 1.73 millions (This includes transactions via ATM as well as POS). This is the first time after February2010, the number of credit cards issued surpassed 2 crores. The surge in the internet users also adds to the increased numbers of credit cards. There are over 26 crore internet users in India. The banks say that the stringent norms to issue credit cards help them to reduce the number of defaults now.

The private players such as HDFC Bank and ICICI bank leads the list of number of credit cards issued followed by Citi, Axis Bank and Standard Chartered.

Credit Card issued status bank wise

As the number of eCommerce transaction increase, the credit card transactions also increases. Credit cards are convenient for the users as it is easy to use and safe. You don’t need to carry physical cash while traveling or making purchases at retail stores. But its highly advisable to look into the details before you purchase a credit card from any bank. It is always important to know the details such as statement cycle, credit period, credit limit, interest rates, etc before a card is issued to you. It is good to store the issuing bank’s customer care number on your phone so that you can use it in emergency. Also you need to keep in mind that it’s your own cash that you are using and the banks are extending a way so that you can save the cash for other purposes and pay the credit card bill once you have enough money.

For businesses, this is a good sign that more and more customers are using this facility. The eCommerce players are coming up with features like save card so that you don’t need to remember the card number every time you transact through their site. The customer’s credit card number is saved in the merchant website for using save card feature. This is safe as RBI has mandated that there should be a two factor authentication for all the credit card (issued in India) purchases within India. The merchant website will store only the credit card number, expiry date and name on the card. They are not authorized to save the CVV number. We might see more credit cards issued in India in the coming days as people are becoming more aware of plastic cash and more merchants are accepting plastic cash for easy transactions.

You can access the complete report at RBI Website.

Image Reference: Wiki Commons