World Tourism Day | Applications for travel-focused credit cards surge five-fold, women take the lead: IndiaLends

In the last year, IndiaLends has seen about 48 percent of its applications for travel-based credit cards come from members between 24-35 years, followed by 52 percent from members between 36–45 years. Geographically, this surge in applications is most prominent in the metropolitan cities of Bengaluru (30 percent), New Delhi (26 percent), Mumbai (20 percent), Hyderabad (12 percent), and the remaining from non-metro cities.

Over the last year, IndiaLends has noticed a significant increase in credit card applications during March, preceding the holiday season, and from September to December, coinciding with the festive, year-end, and wedding seasons.

Gaurav Chopra, Founder & CEO of IndiaLends, said, "Travel is an integral part of life for many, one of the top aspirations fueled by our Indian cinema and social media. Given the remarkable growth we are witnessing in our travel-centric credit cards, today's younger generation is actively focused on establishing a strong credit history while making savvy use of the reward programs linked to credit cards. With the upcoming festive and holiday season, just like last year, we expect a significant surge in applications for travel-specific credit cards by the end of CY 2023.”

“With the growing popularity of travel-focused credit cards, it is crucial to manage credit cards responsibly, ensuring on-time payments and avoiding high balances to avoid potential debt and financial challenges”, Chopra added.

Among the most applied credit cards on the IndiaLends platform, Axis Bank Vistara credit card, American Express Platinum Travel card, and SBI ELITE card credit have emerged as top-preferred among travellers.

Ankit Khurana, Chief Marketing Officer, IndiaLends, said, “Looking at the consumer trend, it is apparent that today's youth are not looking at travel just as leisure but as a profound way to create cherished memories and personal growth. This trend is amplified by changing lifestyles that prioritise experiences over material possessions, growing awareness among consumers, and the availability of personalised card options tailored to the preferences of different travellers.”

Furthermore, the numbers also show how these travel-specific cards have been incorporated into everyday life to maximise the benefits. A substantial 38 percent of users used their travel-specific cards for everyday expenses for a year and accumulated reward points. Out of those, about 22 percent used these reward points and got 1 complimentary domestic flight ticket, the survey said.