Credit card spending rose by 11.5% on-year to Rs 1.89 trillion in November, driven by higher card penetration and e-commerce spending but declined 11.9% from October which was festival month largely due to the normalisation of post-festive demand. Additionally, the November growth is 2x the 5% observed in the same period last year. Total outstanding credit card balances stood at Rs 2.96 trillion as of November, compared to Rs 2.89 trillion in November 2024. The share of credit card outstanding balances in total retail loans came down by 40 bps to 4.6% in November, from 5% a year earlier, attributable to the RBI's tighter norms on unsecured lending and issuance curbs, which slowed new credit extensions, according to Care Ratings.