Which of the following statements about the use of credit cards in India in 2009-10 is/are correct?

I. The number of credit cards in circulation as of March 2010 showed a decline over the figure in 2008-09. II. The number of credit cards in circulation as of March 2010 showed a rise over the figure in 2008-09. III. The amount spent using credit cards in 2008-09 was more than that spent in 2009-10.

The number of credit cards in circulation as of March 2010 was 18.31 million, a drop of over 26% over 24.69 million in 2008-09. Six million credit cards or about a quarter of the total number of cards a year ago were cancelled by banks during the last fiscal. Apart from cutting down new issuances, banks also began to cut credit limits for existing customers as part of a de-risking exercise. Accounting rules that required banks to set apart more capital against unused credit limits also forced banks to cull out inactive and risky cards. Some of those measures are reflected in the 4 per cent drop in card spends in 2009-10. Total credit card spends fell to Rs 62,852 crore from Rs 65,356 crore in 2008-09.