AU Small Finance Bank has issued 225,000 credit cards since it first launched its credit card services in 2021, Mayank Markanday, head of credit card business of the bank, said. Of the total cards issued, about one lakh cards are issued to first time credit card users, he said.
The demand for credit cards in tier-2 and tier-3 cities has increased due to the penetration of e-commerce companies. With increasing traffic on these online platforms, the demand for credit cards has gone up. Since the bank has a stronger presence in smaller towns, it has managed to issue so many cards in such a short span, Markanday said while speaking at the launch of the bank’s customised credit cards.
The bank will provide an option to customers to customise the offers on credit cards and the fee such offers attract. The bank has also allowed customer to set the spending limit within the eligibility band.
Overall, HDFC Bank had the highest number of credit cards at 1.68 crore as of April, according to Reserve Bank of India data.