In August, banks issued about 2.03 million new credit cards to Russians, a decline of roughly 6.9 percent from July. The figures reflect a cautious stance among borrowers and tighter lending conditions in the market. The data, drawn from national banking statistics, track consumer credit activity across the country. Banks continued to adjust access to new cards as part of a broader effort to cool demand for credit and stabilize household debt, a pattern that mirrors tightening financial conditions seen in other large economies as policy actions take hold.
In July, issuance stood at about 2.18 million cards, a higher level that underscores the recent downward trend as summer gave way to autumn. The month over month decline points to growing caution among lenders and borrowers alike, particularly in the context of policy measures aimed at cooling domestic credit growth and protecting household balance sheets from excessive borrowing.
Alongside the fall in card counts, the total value of card limits also declined in August, totaling 214.3 billion rubles versus 234.7 billion rubles in July, a drop of 8.7 percent. The pullback in limits suggests more selective credit approvals and tighter risk controls by banks, even as households continue to rely on cards for everyday purchases and transactions in a cautious economic climate.
Geographically, residents of Moscow and the Moscow region were the most active in issuing credit cards in the last month of summer, with about 144.9 thousand and 112.8 thousand new cards opened respectively. In the broader regional ranking, St. Petersburg recorded about 77.9 thousand cards, followed by the Krasnodar Territory with 74.1 thousand and the Rostov Region with 69.2 thousand. The distribution highlights how urban centers maintain the strongest demand for consumer credit, driven by population density, income levels, and shopping activity.
This development marks the third consecutive monthly decline in new credit card accounts. Analysts attribute the trend to a tight monetary policy aimed at cooling the domestic credit market and reducing the risk of rising debt among households. The policy environment has translated into stricter underwriting and slower growth in card issuance as banks recalibrate their risk appetites in a cautious lending climate.
In August, data also show a decrease in the average size of consumer and vehicle loans, signaling that borrowers are taking on smaller amounts on average. This shift may reflect tighter lending standards, a preference for affordable credit lines, and a shift toward maintaining lower balances even as demand for everyday card use persists. The trend in loan sizes complements the card issuance picture, illustrating a broad trend toward prudent credit behavior across the country.
Earlier data on microloans also point to changes in the smaller loan segment, as August activity in this area aligns with the overall tightening in consumer finance. Taken together, the August figures paint a portrait of a credit landscape where banks are careful about new approvals, and households are increasingly selective about borrowing and spending, especially in major urban markets across Russia. Data source: national banking statistics.