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Business News/ Industry / Banking/  Indians top credit card holders who pay in excess of minimum due amount: CIBIL
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Indians top credit card holders who pay in excess of minimum due amount: CIBIL

In India around 92% of credit card holders often pay more than their minimum due on their revolving debt each month, TransUnion CIBIL survey shows

The research findings by TransUnion CIBIL indicate a higher usage of credit cards in Delhi, Ahmedabad, Pune and Mumbai, compared with Kolkata, Bengaluru, Chennai and Hyderabad. Photo: HTPremium
The research findings by TransUnion CIBIL indicate a higher usage of credit cards in Delhi, Ahmedabad, Pune and Mumbai, compared with Kolkata, Bengaluru, Chennai and Hyderabad. Photo: HT

New Delhi: Banks are more likely to look at credit card holders in a favourable light after a report said India has the highest percentage of consumers who make payments in excess of the minimum amount due on their credit card bills each month.

India has around 92% of credit card holders that often pay more than their minimum due on their revolving debts each month as compared to 89% in the US, 88% in Canada and Hong Kong, 52% in Colombia and 44% in South Africa, TransUnion CIBIL, a credit information agency said in its research report.

“Leveraging trended data and the insights derived from it could also significantly help Indian credit institutions better identify borrower risk trends across portfolios and ultimately create greater access to credit for consumers. This can only happen when financial institutions utilize trended data in real time," said Harshala Chandorkar, chief operating officer of TransUnion CIBIL.

TransUnion CIBIL said the findings are based on a survey across eight metro cities in India. The research findings indicate a higher usage of credit cards in Delhi, Ahmedabad, Pune and Mumbai as compared to Kolkata, Bengaluru, Chennai and Hyderabad. Delhi has the optimal utilization of credit cards across all possible usage points, said the report.

The agency surveyed 1,100 consumers in India, 92% of whom indicated that they more often make payments in excess than their minimum due on their credit card bills each month. Yet a significant number (33%) are uncertain about the importance or benefits of paying more than the minimum amount due on their credit card bills.

In Colombia, 56% are uncertain about the benefits of paying more than the minimum amount due on their credit card bills as compared to 41% in Hong Kong, 39% in Canada, 25% in the US and 21% in South Africa.

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Published: 11 Apr 2017, 09:15 PM IST
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