Credit Card Spending Cools to 8.9% YoY, But Month-on-Month Demand Jumps 8.4%

• Credit card spending growth slowed to 8.9% year-on-year in December, down from nearly 14% last year.
• Month-on-month demand surged by 8.4% in December, driven by year-end purchases, e-commerce, and travel.
• Per-card spending increased to ₹17,712 in December, an 8% month-on-month rise.
• Credit card penetration expanded, with outstanding cards reaching 11.6 crore.
• Private banks dominate spending (72.5%), but public sector banks gained market share; HDFC Bank leads overall.