Bangladeshis’ credit card spending: Thailand overtakes India as 2nd most preferred destination

Bangladeshis' credit card spending abroad has seen a notable shift, with Thailand overtaking India as the second most preferred destination, according to a report released by Bangladesh Bank on Tuesday.

The United States continues to hold the top position for overseas credit card usage.

In October, credit card spending by Bangladeshis in the US increased by Tk 70 million (7 crore), or 8.15 per cent, reaching Tk 842 million (84.2 crore), UNB reports. 

The biggest shift occurred in Thailand. Within a month, spending in Thailand rose from Tk 420 million (42 crore) in September to Tk 570 million (57 crore) in October, placing the country in the second spot for overseas credit card usage.

Meanwhile, India, which previously held the second position, slipped to third. Industry insiders attribute this decline to strict visa issuance policies implemented after the change of government in August, significantly reducing travel to India for medical treatment and tourism.

Before August, India was one of the most popular destinations for Bangladeshis seeking medical treatment and travel. However, tightened visa policies have led travelers to explore alternative destinations, particularly Thailand and Singapore.

The Bangladesh Bank report, compiled using data from 44 banks and one financial institution, highlights overall growth in credit card usage both domestically and internationally.

In October:

• Domestic spending on credit cards rose by Tk 197 million (19.7 crore) (7.5 per cent) in a month.
• International spending increased by Tk 78 million (7.8 crore) (18.5 per cent) compared to September.