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Platinum card holders rise to 29% in 2011

The percentage of single card holders has grown most in India in 2011 at 90%.

May 17, 2012 3:11 IST | India Infoline News Service
According to the HSBC Credit Card Monitor Survey, the number of credit card holders in India declined to 21% in 2011. However, the number of platinum card holders increased to 29% in 2011 from 18% in 2010 due to rise in the rich segment and the focused sourcing of customers with a higher income levels by the issuing banks. Singapore registered the highest number of platinum card holders at 71%. In Asia, Hong Kong had the highest penetration of credit cards in 2011 with 77% of the people surveyed saying they use credit cards.
"This comes even as the country saw a 2% drop in the number of credit card-holders last year. The role of benefits and rewards in attracting new and loyal customers is growing in importance," HSBC India consumer assets head Manish Sinha said in the report.
The survey also said that more and more card holders have reduced the number of cards in their wallet and prefer spending with a single card in 2011. The percentage of single card holders has grown most in India in 2011 at 90%. The second was the Philippines with 84%, followed by Malaysia (80%).
The survey interviewed around 5,000 general card holders, mostly in the 18-54 years age-group, in India, Hong Kong, Singapore, Taiwan, Malaysia, Australia, Indonesia and the Philippines during May-November 2011.

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