How credit card becomes part of daily lifestyle

Country's banking sector has been experiencing significant growth in credit card users and transaction in recent years due to attractive offers for daily lifestyle and easy global access.

In July, number of credit card grew by over 18% year-on-year when transaction grew by over 32%, according to Bangladesh Bank data. 

The total number of issued credit cards stood at 2979,489 at the end of July this year. 

Though, credit card market has been growing fast, the share of credit cards still less than 2% of total deposit accounts. The total deposit accounts in banks stood at nearly 17 crore at the end of June, central bank data shows. 

However, banks have been constantly bringing up new lifestyle offers and advanced technology to build trust and encourage customers in digital payment. 

Foreign currency transactions through cards has been rising fast for last two years among travelers due to growing partnership of local banks with foreign payment platforms. 

The foreign currency spending through credit card surged by more than 14% in July reaching monthly transaction over Tk 800 crore, central bank data shows.

Credit cards in Bangladesh are no longer just a luxury or a travel accessory — they are becoming woven into the fabric of daily life, said Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank.

He said over the last few years, their use has expanded far beyond exclusive transactions to cover groceries, pharmacies, hospitals, departmental stores, and more. For many young, middle-class families, credit cards are emerging as essential tools for managing household expenses and balancing financial needs efficiently. 

As Bangladesh steadily moves toward a more cashless future, I believe credit cards will not only grow in usage but also transform how people think about spending, saving, and financial planning, he said.

Addressing the regulatory aspect, he said regulatory support will be critical in driving this transformation further. The central bank has already played a vital role in enabling credit card growth in Bangladesh, but the potential is far greater. 

He said regulatory measures that promote innovation in digital payments, encourage partnerships between banks, fintechs, and merchants, and streamline approval processes will make credit cards more accessible and trustworthy. Support for building credit card infrastructure in rural areas could open entirely new markets and bring meaningful financial empowerment to millions.

Despite the growth of the middle class, credit card penetration in Bangladesh remains modest compared to regional peers, said Syed Mahbubur Rahman, managing director of Mutual Trust Bank. 

He said regulatory requirements have historically limited expansion. For example, until recently, applicants had to provide proof of income tax return filings — a requirement only 4 million people met last year. Even though this was lifted in July, applicants still need a Tax Identification Number (TIN), limiting the potential market to roughly 11.5 million people. 

"At MTB, our approach is to combine robust credit evaluations with a smooth, customer-friendly onboarding process. We've developed tailored assessment policies for different professional segments — for instance, criteria for doctors differ from those for teachers. This targeted approach has allowed us to accelerate credit card acquisition while keeping risk management prudent and sound," he said.

At UCB, we've invested heavily in real-time fraud detection, tokenization, and AI-based monitoring systems, said Mohammad Mamdudur Rashid, managing director of UCB.

He said "customers might not see these systems, but they are always working in the background. The goal is to ensure robust security without creating friction. And beyond technology, we continuously educate customers about safe usage practices, because awareness is just as important as the systems we put in place."

Many customers hesitate to use credit cards because of these additional and often unexpected charges, said M. Nazeem A. Choudhury, Deputy Managing Director of Prime Bank.

To address this pain point, Prime Bank PLC. has introduced Bangladesh's first-ever Visa Signature Credit Card with zero fees, he said.

He said zero fee by Prime Bank is not just another financial product; it is a lifestyle statement, carefully designed to match the aspirations of the new generation. No unnecessary charges, no hidden costs- only freedom, comfort and a touch of modern living solution for smart life.