In February 2023, about 935 thousand credit cards were issued in Russia, rising 7.8% from the prior month, according to data shared by a national credit history bureau. At the same time, the figure was down 16.2% versus the same month a year earlier. This snapshot reveals a patchwork of changing borrowing patterns across the country, where fresh cardholders are concentrated in certain regions while overall appetite for new credit remains sensitive to broader economic signals.
Since August 2022, the pace of new credit card issuance has slowed in a fundamental way. The shift is largely driven by ongoing uncertainty in the economy, which nudges borrowers toward conserving resources and adopting a more cautious financial stance. Rather than increasing liabilities, many households are prioritizing savings, building buffers for unexpected expenses, and rethinking how they use revolving credit. This cautious stance appears to be less about access to cards and more about risk management in uncertain times, with potential long-term effects on consumer credit markets.
Regional activity shows a clear hierarchy in February 2023, with Moscow leading the way in card issuance, followed by the Moscow region, Krasnodar Territory, St. Petersburg, and the Republic of Bashkortostan. Moscow accounted for the largest share of new cards, highlighting the strong demand in the capital area, while the other regions illustrate a broad geographic spread of lending activity. The distribution pattern suggests that urban centers with higher incomes and more dynamic financial ecosystems continue to drive card usage, even as overall momentum softens.
Experts note that credit card limits and terms tend to be influenced by broader credit behavior and risk assessments. A prominent fintech executive remarked that card limits are typically determined by a combination of income, repayment history, and overall credit profile. In scenarios of economic uncertainty, issuers may tighten limits or adjust eligibility criteria to maintain portfolio health, which in turn shapes how consumers access and use plastic-based credit. This dynamic underscores the interconnected nature of consumer finance, where decisions by lenders ripple through household budgets and spending patterns.
Gaps in the available data leave room for interpretation, but the trend line points to a cautious yet persistent demand for consumer credit in major urban centers, coupled with a regional divergence in growth that mirrors local economic conditions. Looking ahead, households may continue to favor slower, more deliberate borrowing while exploring options to optimize savings and manage debt. For policymakers and financial institutions, the message is clear: flexibility in credit products, transparent terms, and prudent risk assessment will remain essential as the economy navigates volatility and aims for steadier growth. All these factors together shape the evolving landscape of consumer credit in Russia, influencing how people borrow, repay, and plan for tomorrow—the balance between access and responsibility is central to the ongoing story of credit card use across the country.