Credit Card Spending Declines 6% in September, First Annual Fall Since Early 2021

Times of India · business

Credit card spending in September experienced its first annual decline since February 2021, dropping 5.9% to approximately Rs 2 lakh crore. This decrease is attributed to the festive shopping season shifting to October and a high comparative base from the previous year. While overall spending growth slowed in the first half of FY27, the number of outstanding credit cards rose by 10.5% year-on-year. Spending per card also fell significantly, indicating a broader trend of reduced individual expenditure despite an expanding card base.