Youth find a new friend in Plastic Money

More and more youth customers are subscribing for credit cards. This includes customers of the age group of 25-34 years of age. According to Credit Information Bureau India Limited (CIBIL) data, about 65% of customers acquired by credit card companies were 25 to 35 years old, while only about 5% of new customers were older than 55 years.

As per the data, credit card companies are getting more young customers than before. In 2009, approximately 50% of credit card holders were below 35, which has gone up to 65% in Q2 2012. Another shift in credit card issuance is that the companies have becaome more cautious and are issuing credit cards to only those customers who have a CIBIL Transunion score of 700 or higher. In 2011, more than 80% of the new customers had a credit score of 700 or higher.