NEWS & ADVICE : CREDIT CARDS
Credit card transactions show improving trend
By Ankit Sharma
Oct 11, 2011
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The month of August has witnessed a 29.1% rise in transactions carried out using credit cards in comparison with the figures for the same month in the fiscal prior to this.

While the total transactions for August 2011 stand at Rs 8,078.98 crore, the amount was Rs Rs 6,259.42 crore in August 2010.

Although transactions using these cards are again on a rise, the number of cards in circulation has seen a dip.

On the contrary, debit cards seem to be increasingly gaining presence as well as acceptance in the world of plastic money.

Transactions using debit cards have seen a 37.3% rise in the month of August this fiscal.

Total transactions for August 2011 stood at Rs 4,560.52 crore from Rs 3,321.09 crore for the same month last fiscal.


 


(Comments Posted : 1) Post Your Comments
1. Issuers are now underwriting more new credit card accounts than at any time since Lehman fell, according to the latest data released by Equifax. The most interesting part of it, though, is that sub-prime originations are the fastest-growing segment. In a way, that shouldn’t be all that surprising, considering that close to half of all Americans are sub-prime borrowers (by Equifax’s definition).

That’s actually a good thing. The risks of sub-prime excesses are now much lower and Americans are much more debt-conscious than at any point in living memory. For example, in August cardholders paid back 21.14% of their outstanding credit card balances, about 30% above the historical average of 16.3%. Moreover, the Federal Reserve tells us every month that credit card debt keeps falling. So the issue banks are now faced with is making consumers use their cards more freely again. It’s won’t be easy and that’s a good thing as well.
Greg (Posted: Oct 13, 2011)
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