Only 4% of them have credit cards in India

Which one of the below, do you have?

  • Total voters
    13
Status
Not open for further replies.
S

swatkats

Keymaster
India had 36.2M credit cards, 846.7M debit cards in January 2018

  • In January 2018, the number of debit cards increased to 846.7 million, with 4.23 million new cardholders, while a total of 36.24 million credit cards were in operation, with the addition of 0.7 million cards, according to the Reserve Bank of India.
  • Between January 2017 and January 2018, India added some 7.39 million credit cards and 28.72 million debit cards.
  • Card usage spiked during the months of November 2016, December 2016 and January 2017, following the demonetization of Rs 500 and Rs 1000 notes. The unavailability of cash forced cardholders to use them.
  • Total amount transacted through credit cards — which was Rs 41,437 crore in January 2018 — increased by 27% in the 12 month period ending January 2018. Amount transacted through debit cards decreased by 17% during the same time. In January 2018, Rs 40,761 crore were transacted through debit cards
Source: https://www.medianama.com/2018/03/223-india-credit-cards-and-debit-cards-january-2018/



-------------------------------------------------

HDFC, Citi Bank cards block purchasing of cryptocurrencies like bitcoins


HDFC Bank and Citi Bank have sent out notifications informing their customers that they have barred the use of their credit, debit and prepaid cards for the purchase or trade of cryptocurrencies like Bitcoins.​
  • HDFC bank holds 52% share of the Indian credit cards customer base, the decision is bound to affect Indian cryptocurrency users.
  • Top 5 Credit card issuers: HDFC has 10.3 Million, SBI has 5.9M, ICICI 4.8M, Axis 4.2M & CITI 2.6M active credit card holders.
Source:

o_Oo_O On a contrary: ICICI has 40.7M Debit card users & HDFC has 23.7M Debit card users. Help us understand.. o_Oo_O​

- Why HDFC has So many credit card users? Good Service? Low interest rates?
- Why ICICI has low credit card users? Bad mouth publicity of using Goons to recover?
- ICICI users seem to be comfortable using Debit card than a Credit card.
​

​
 
Last edited:
  • Like
Reactions: Shubham1401 and nimod
not surprising since most banks give out free debit cards with each account since the customer can only take out as much money he has in his account.
plus no bank or card issuer will give out credit card free like how debit cards are being dolled out. they will ask for proof of income etc so as to not get defaulters.
 
Can somebody answer this?
swatkats said:

o_Oo_O On a contrary: ICICI has 40.7M Debit card users & HDFC has 23.7M Debit card users. Help us understand.. o_Oo_O​

- Why HDFC has So many credit card users? Good Service? Low interest rates?
- Why ICICI has low credit card users? Bad mouth publicity of using Goons to recover?
- ICICI users seem to be comfortable using Debit card than a Credit card.
​

​
Click to expand...
 
ICICI Bank may have more debit cards due to their excellent banking facilities (both in branch and online). I am using one since 10 years. And they virtually have branches everywhere in cities now. I have hardly visited the branch. Everything can be done online. I have probably visited an ICICI branch twice in last 3 years and less than 10 times in last 10 years. And I deal in cash transaction very rarely. Only for local sabjiwala and such.
But ICICI charges a lot for any kind of service if you are not a salary account holder. And for other services like car loans / home loans / FD etc ICICI is most expensive. They charge more than the market but they will complete the formalities in a couple of days where as the next fastest option will take minimum a week. Even their credit cards are not free. Either they charge annual fees or they bind the customer to do transactions over a certain amount in a year to waive off the fees.

HDFC gives out free cards in our office campus and they have good tie up with airport lounges and great discounts with sites like Flopkart and Amazon. Maybe thats why they are so popular. Also HDFC is known to give out complimentary credit cards with salary accounts. Something that even Citibank does for certain big companies but not heard SBI or ICICI doing it.

All other banks at some time or under some scheme or promotion will waive off annual charges and give out free lifetime cards but SBI is the opposite here. Their annual fees for a basic card was quoted Rs6000p.a. I said thank you but no thank you. He then told me that 6k p.a. was a special rate for me as I was a car loan holder. I was like... you must be high mate. Just walk out of your branch and see every other bank is now giving out free cards.

One point that I observed is that few years back when RBI stopped the 0% finance or no interest emis on credit cards after that almost all banks suddenly stopped giving out free cards for a number of years. I still dont understand how this thing works. I was hoping that they would give out more cards to keep the monthly usage high.
HDFC is also one of the worst banks when it comes to recovery. So beware of that too.
 
adventureguy said:
Maybe because every time a new employee joins any new company, they're immediately given a hdfc debit card :p
Click to expand...
question was regarding hdfc Credit cards and not Debit cards.
Even i was offered HDFC salary account but i refused and took salary in my savings account.
 
onlyravi said:
ICICI Bank may have more debit cards due to their excellent banking facilities (both in branch and online). I am using one since 10 years. And they virtually have branches everywhere in cities now. I have hardly visited the branch. Everything can be done online. I have probably visited an ICICI branch twice in last 3 years and less than 10 times in last 10 years. And I deal in cash transaction very rarely. Only for local sabjiwala and such.
But ICICI charges a lot for any kind of service if you are not a salary account holder. And for other services like car loans / home loans / FD etc ICICI is most expensive. They charge more than the market but they will complete the formalities in a couple of days where as the next fastest option will take minimum a week. Even their credit cards are not free. Either they charge annual fees or they bind the customer to do transactions over a certain amount in a year to waive off the fees.

HDFC gives out free cards in our office campus and they have good tie up with airport lounges and great discounts with sites like Flopkart and Amazon. Maybe thats why they are so popular. Also HDFC is known to give out complimentary credit cards with salary accounts. Something that even Citibank does for certain big companies but not heard SBI or ICICI doing it.

All other banks at some time or under some scheme or promotion will waive off annual charges and give out free lifetime cards but SBI is the opposite here. Their annual fees for a basic card was quoted Rs6000p.a. I said thank you but no thank you. He then told me that 6k p.a. was a special rate for me as I was a car loan holder. I was like... you must be high mate. Just walk out of your branch and see every other bank is now giving out free cards.

One point that I observed is that few years back when RBI stopped the 0% finance or no interest emis on credit cards after that almost all banks suddenly stopped giving out free cards for a number of years. I still dont understand how this thing works. I was hoping that they would give out more cards to keep the monthly usage high.
HDFC is also one of the worst banks when it comes to recovery. So beware of that too.
Click to expand...

+1

Plus, HDFC has good tie ups with corporates plus they do have some good reward schemes with tie ups. That makes HDFC one of the preferred ones for many - for example Infinia/Regalia etc.

SBI - I would suggest to not use them, I made a mistake of filling out their form. When their quota is done, they will reject the card for reasons unknown. Thanks to @pratzgh1 for tipping me off to this.[DOUBLEPOST=1521154915][/DOUBLEPOST]Additionally, it would be better for you to have more options for voting as most will have both usually.
 
  • Like
Reactions: swatkats
HDFC is also stupidly aggressive in trying to hawk their credit cards. I used to receive a call from them almost daily asking if I wanted an HDFC credit card.
 
HDFC has a overall good service compared to other banks. As far as credit card goes, the higher number may have several reasons.

Typically, it looks like there is more likelihood of getting approved with HDFC and they market well too. There are many people who get credit cards against FD's. HDFC has one of the best interest rates for FD's, so there is more likelihood of holding FD's in HDFC thereby likelihood of getting HDFC cards would also be higher. Also, HDFC is a popular choice for salary accounts and typically, they offer a free credit card. Also if you have a credit card, it is trivial to order add on cards from Net banking. I bet they count the add on's as separate cards in that figure.

My work place allows choice between HDFC, ICICI, Axis and Standard Chartered for salary account. Each year, you can also switch salary account to a different bank. So Every bank sends in their own proposals for the salary accounts to entice employees to switch. Free credit cards, free demat accounts, preferential interest rates for loans, rebate on loan charges etc are all part of the deals. HDFC has the highest share of users because of better offers, customer service and overall satisfaction level.

One of the key things is that they are not trying their best to irritate you. For example, if you want to change your contact address, there are two options. you can submit a address proof document online and it would be updated. Even if you don't have a address proof because you switched to a new place, you can just walk-in to the nearest branch with a id proof and submit an simple application along with copy of your id card. In either case, it would get done in two days. In contract, ICICI makes it a real hassle. For starters, you cannot update address online. While the net banking provides an option, its non-functional. You have to go to the branch and with a address proof and id proof. I took e-aadhaar with me and the lady at the desk insists that she wants that (invalid) PVC aadhaar card that that they cannot accept e-aadhaar. I had to argue with the branch manager and saying that e-aadhaar is perfectly legal document before they accepted it.

The reason ICICI has more debit card users is because ICICI was a popular saving account choice for along time. While salary account holders may not prefer it

I have debit cards with HDFC, ICICI, HSBC and credit cards with HDFC, ICICI, HSBC & SBI. Also, have a Zeta card.
 
  • Like
Reactions: mh09ad5578 and swatkats
swatkats said:
India had 36.2M credit cards, 846.7M debit cards in January 2018

  • In January 2018, the number of debit cards increased to 846.7 million, with 4.23 million new cardholders, while a total of 36.24 million credit cards were in operation, with the addition of 0.7 million cards, according to the Reserve Bank of India.
  • Between January 2017 and January 2018, India added some 7.39 million credit cards and 28.72 million debit cards.
  • Card usage spiked during the months of November 2016, December 2016 and January 2017, following the demonetization of Rs 500 and Rs 1000 notes. The unavailability of cash forced cardholders to use them.
  • Total amount transacted through credit cards — which was Rs 41,437 crore in January 2018 — increased by 27% in the 12 month period ending January 2018. Amount transacted through debit cards decreased by 17% during the same time. In January 2018, Rs 40,761 crore were transacted through debit cards
Source: https://www.medianama.com/2018/03/223-india-credit-cards-and-debit-cards-january-2018/



-------------------------------------------------

HDFC, Citi Bank cards block purchasing of cryptocurrencies like bitcoins


HDFC Bank and Citi Bank have sent out notifications informing their customers that they have barred the use of their credit, debit and prepaid cards for the purchase or trade of cryptocurrencies like Bitcoins.​
  • HDFC bank holds 52% share of the Indian credit cards customer base, the decision is bound to affect Indian cryptocurrency users.
  • Top 5 Credit card issuers: HDFC has 10.3 Million, SBI has 5.9M, ICICI 4.8M, Axis 4.2M & CITI 2.6M active credit card holders.
Source:

o_Oo_O On a contrary: ICICI has 40.7M Debit card users & HDFC has 23.7M Debit card users. Help us understand.. o_Oo_O​

- Why HDFC has So many credit card users? Good Service? Low interest rates?
- Why ICICI has low credit card users? Bad mouth publicity of using Goons to recover?
- ICICI users seem to be comfortable using Debit card than a Credit card.
​

​
Click to expand...
Technically,
Are you working for any Media Angecy ?
There are topics/topics/topics and 0 replies to those topics ?

Vague media links ?
 
swatkats said:
Yeah, I get paid secretly by TE admin every month.

90% of my threads have more than 10 replies, So i don't agree with you.
Click to expand...
Thanks for positive reply, like it m8[DOUBLEPOST=1521219108][/DOUBLEPOST]https://techenclave.com/community/t...inimum-speed-of-10mbps-in-2015-report.176187/
soo many more examples from senior members..
not to laugh about 90% figure you gave, as it is your JOB to make money.. *but try to make sensible replies/meaningless news on a great techy site)

thanks...
 
Last edited:
Can a guy with
- 1.3 Lakhs/annum take home salary ... Get a credit card?
- 3.3 Lakhs income and a freelancer with ITR .. Get a CC??
 
^ artist friend of mine with around 6~7lakh per annum got SBI credit card declined. He didn't even apply, they pestered him to apply for card and when he did, he got a mail saying he's rejected. he's pissed
 
Status
Not open for further replies.
Top Bottom