Demand for gasoline bank cards jumped 10 instances in 2021: Report

The demand for bank cards that present advantages on gasoline has risen by 10 instances owing to larger gasoline costs within the nation, a report by on-line mortgage and monetary merchandise aggregator BankBazaar has claimed. Separately it additionally said that the typical ticket measurement for private loans dropped for the fourth consecutive 12 months from Rs 1.92 lakh to Rs 1.86 lakh.
According to BankBazaar Moneymood 2022 report, “Sky-rocketing fuel prices are driving consumers to look for any and every option to discount their fuel prices, and rewards and benefits on fuel cards allow them to do this well.”
The report showcases the tendencies in credit score purchases through the present 12 months and the outlook for the following 12 months.
It additional famous that the share of gasoline playing cards have gone as much as 13.1 per cent of the general playing cards, up from 4.95 per cent final 12 months, and stated that with the gasoline costs displaying no indicators of easing and workplaces and colleges reopening the demand for gasoline playing cards is anticipated to stay excessive within the close to future.

Apart from gasoline playing cards, rewards playing cards have bounced again strongly to develop greater than 100 per cent from final 12 months, the report stated including that with personalized rewards, cashbacks, and gives on on-line and offline searching for necessities, luxurious, life-style spends, and leisure, procuring playing cards are trying extra engaging than ever, and the demand appears set to rise within the coming 12 months as nicely.
Additionally, the report famous that the share of ladies bank card clients grew by round 50 per cent from 8.41 per cent final 12 months to 12 per cent this 12 months.
“While the number of women opting for credit cards have increased across the board, the change is most noticeable among women below 25 years,” it stated.
The below-25 years age group has been probably the most aggressive in adopting bank cards and grew strongly at 175 per cent in comparison with all different cohorts, which grew at roughly 100 per cent.
Shedding gentle on the private mortgage area, the BankBazaar report famous that the typical ticket measurement for private loans dropped for the fourth consecutive 12 months from Rs 1.92 lakh to Rs 1.86 lakh. However, for the primary time, the typical ticket measurement for ladies at Rs 1.87 lakh was marginally larger than that of males at Rs 1.86 lakh.
The non-metro common mortgage ticket measurement fell sharply to Rs 1.73 lakh in 2021 from Rs 2.19 lakh a 12 months in the past. Metros, alternatively, climbed as much as a median mortgage ticket measurement of Rs 1.91 lakh from final 12 months’s common of Rs 1.87 lakh.
“The softening of average ticket sizes for loans tracks industry trends following tightening of unsecured credit policies as well as the rise of small and ultra-small ticket loans,” the report famous.

The BankBazaar report additional famous that 2021 was the 12 months of the turnaround after the pandemic for residence loans. Despite reversals from the second wave of the pandemic, the 12 months has been a time of development.
“The first quarter of 2021 started on a promising note, with the average ticket size for home loans soaring to Rs 28.43 lakh from Rs 27.74 alkh in the previous quarter. This plummeted with the second wave, in Q2, but since the third quarter onwards, the ticket sizes have been picking up again,” in stated.