Why Indians are getting more, and using more, credit cards - The Week Magazine

Why Indians are getting more, and using more, credit cards

Credit cards can become debt traps if dues are not paid regularly

www.theweek.in

CREDIT CARDS HAVE been around for a few decades. In fact, it is the primary mode of payment for purchases in many countries. But in India, they had never really taken off as they were seen as being out of bounds for most of the salaried, and retailers were reluctant to accept them.

That is, however, a thing of the past. Not only are more and more people getting credit cards, but also they are using them more frequently. The most recent data on payments and settlement systems by the Reserve Bank of India says the number of active credit cards in India was 9.13 crore in August 2023. It was just 7.8 crore a year before that—that is a 17 per cent growth. In January 2020, it was just 5.6 crore. So, in some three and a half years, the number of credit cards surged 63 per cent.


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[Subhajeet]

And here I am, only getting more and more credit cards, but not using them XD
LTF FTW

meaning of xd, ftw please

 

[Subhajeet]

Finance youtubers, instagram influencers and forums like this are influencing the youths to opt for more and more credit cards as they are getting familiar with advantages of using a CC.

Merchant offers on products especially likes of BBD and AGIS are forcing people to get atleast one or two Credit cards in order to not miss out on huge discounts.

More people are getting financially educated as they start earning and using digital payments.

what is bbd and Agis

 

[the_collector]

what is bbd and Agis

Big billion day and amazon great Indian festival

 

[SamPtnk]

how to rotate money bro im that 25%

If you are in that 25% and still want to rotate ?

 

[Hemang]

Aaj ki generation ko need aur want me fark nahi pata hai. They all are running behind wants only, and for that they are ready to pay anything. To increase the consumption of every indian, the first one to introduce concept of No Cost EMI was bajaj finserv in india. And after that one after the other, everyone gave out this offer of No cost emi. Now the things which were out of reach of a person whose income was not allowing him to buy, now technically can buy that article without fail.
That is why after 10th of every month, people are waiting for next salary credit, and this loop never ends in their life.

 

[deep@vie]

Very true...

Previous generation: Buying occasionally from Savings..!!

Present generation: Buying everyday and saving occasionally.. !!!

TFians : Saving while buying everyday ... 😉 😉

Now, they're buying many times in a day e.g Ajio,myntra,nyka & nor saving at all.
Infact, they're in debt 😔