India credit cards

Credit cards around the world: India

A look at credit card use in the world's second most populous nation

By Matt Schulz

This is the third in an ongoing series of reports looking at credit card use around the world. In this edition, we look at credit cards in India, but we'll be spanning the globe in the coming weeks and months to feature other nations.

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Credit reportCredit card penetration
22 milion credit cards and 70 million debit cards as of January 2007.Not yet hooked on plastic...
According to Visa research, only 28 percent of "affluent" Indians have credit cards, a fraction of the average around the world. As of 2006, credit cards accounted for just 1 percent of all purchases in India -- one of the lowest percentages in the world. Plastic purchases totalled only $6 billion that year....But debt is still booming
Credit card debt increased 87 percent from May 2007 to May 2008, totalling roughly US$5.7 billion. It tripled from 2004 to 2007.Interest rates are through the roof
The Washington Post says, "The lowest credit card interest rates hover around 20 percent [in India], and the average lending rate is 34 percent, which includes a 12 percent service tax on the interest."Cards and crime"Most audacious cyber-crime in history"
Recently, an Indian hacker allegedly teamed with the Russian mafia to steal the identities of an estimated eight million people. Authorities said the losses surrounding it could total £3 billion and called it "the most audacious cyber-crime in history."A problem for Indian banks...
A recent survey on security at Indian financial institutions revealed that 30 percent of banks claimed to have been hit by identity theft -- most commonly phishing scams -- in the past year....That most aren't urgently addressing
Still, the survey also said that "only one- third of respondent banks have a formal plan in place for creating customer awareness against online identity theft and financial frauds."Local voicesOfficial tourism site
- IncredibleIndia.org Top financial news sites
- Financial Express
- Economic Times Indian financial blogs
- Personal Finance in India
- India Credit Card
- India Economy Watch Country infoPrime Minister: Manmohan SinghLocation: Southern Asia between Burma and Pakistan (map)Population: 1.15 billion (July 2008)Area: 3.2 million sq km, 1.3 million sq miGDP: $2.989 trillion (2007)Key exports: petroleum products, textiles, jewelryFamous Indians: Spiritual leader Mahatma Gandhi, president Jawaharlal Nehru, musician Ravi Shankar, actress Aishwarya Rai

Published: September 23, 2008


	Three most recent Research, statistics stories: Credit card balances fall sharply again – Consumers have spent the past year living frugally, new Federal Reserve data shows -- and analysts say an anti-debt mindset isn't likely to change anytime soon ... Rates steady this week, but banks keep tweaking other terms – Banks may have left rates unchanged this week, but they nevertheless made some changes behind the scenes that could impact cardholders' pocketbooks ... Rise in delinquencies signals prolonged credit card woes – Though charge-offs decreased during September, the credit card industry braces for an increase in noncollectable debt as delinquencies rise ...


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Credit Card Rate Report

Updated: 11-08-2009

National Average	12.64%
Business	9.69%
Low Interest	11.91%
Cash Back	12.36%
Reward	12.85%
Instant Approval	13.32%
Balance Transfer	13.46%
Airline	13.60%
Bad Credit	14.29%
Student	14.45%


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		Sunday, November 8th 2009