2021

Curated with

Curated with

Introduction

Credit cards are gaining immense popularity in India owing to its ease of use and convenient pay-back options. The industry is similarly anticipated to grow at a compound annual growth rate (CAGR) of more than 25% in next five years.

Considering this raise, we kicked off a survey last month to understand the credit card utilisation and traits in the Indian market. We received a massive response from 460 participants. To maintain the privacy of the participants’ #, we made the survey entirely anonymous.

This survey broadly revolves around the credit card usage, user satisfaction, bill payment behavior, and expectations from credit card products. The data generated will help us enhance the products and create a better experience for the community and uplift the fintech enterprise.

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Demographics

First step was gathering the demographic information that allowed us to understand the background characteristics of our current and potential users better.

Age

Out of 460 participants who took our survey, 213 belong to the 26 to 30 age category

79%

male

21%

female

Gender

Out of total male participants who took our survey, only 80% own a credit card. And out of total female participants, only 67% own a credit card.

Marital Status

Out of all participants, 56% of single and 42% of married ones use credit cards

Credit card usage

Credit card usage in India has increased exponentially in the past couple of years and understanding the usage would help us design a market segmentation strategy to reach the right users.

77.6%

have a credit card

18%

Don't have a credit card

4.3%

have a credit card but don’t use it!

Credit cards owned

Out of 460 participants, 157 of them own only 1 card and 56 participants owned more than 3 cards.

1 card
34%
32%
2 cards
3 cards
22%
3+ cards
12%
34%
32%
22%
12%

Satisfaction

Credit cards have been evolving to incorporate maximum benefits for the users. Thus, we wanted to understand their current perspectives and measure their satisfaction.

User Satisfaction

It is observed that the participants are mostly dissatisfied with the rewards offered, high interest rates & annual fees, and low credit limit.

22.7%

77.3%

Bill Payments

Trends in bill payments shows the budgeting and financial control of the users. Analysing bill payment behaviour will help us detect any existing discrepancies in the market.

Apps Used

81%
CRED
21%
Bank Apps
7%
Other Apps

Payment Delays

Top reasons for delayed payments include lack of funds, confusion with dates and high bill amount.

Auto pay

Automating credit card bill payments are ideally convenient and secure. Thus, we wanted to explore the users’ perspectives around this feature.

24%

have set up auto pay

76%

have not set up auto pay

Expectations

With the frequent advances in credit card benefits, the expectations of users have likewise shot up. We therefore, wanted to get a pulse of what our users anticipate from the credit card market.

Payments

• Varied options for virtual payment

• Flexibility in making payment

• Lower interest rates

Better experience

• Need proper analytics on spending habits and transactions

• Improve user experience and customer service

• Transparency in product explanation

• Tips to improve credit score

• Higher credit limit

Rewards

• Better rewards and offers

• Reward management for better utilisation and savings

• Lower threshold to redeem rewards

• Prefential benefits to loyal and high value customers