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Credit-card spending growth slows to 5.5% as SBI Cards loses share
India’s credit-card spending growth slowed in August, with SBI Cards losing spending share amid weaker corporate and online spends. HDFC Bank gained share, while card issuance continued to grow, signalling softer transaction demand despite expanding card bases.
- HDFC Bank credit-card spending share, August30%
- SBI Cards credit-card spending share, August17.5%
- ICICI Bank credit-card spending share, August16%
- Axis Bank credit-card spending share, Augustabout 11%
Reported figures
From the report. Source details below
| Industry credit card spending growth: | 5.5% YoY in August 2026, versus 7.1% in July |
|---|---|
| Industry spending: | Rs 2 lakh crore, down 2.8% MoM |
| SBI Cards spending growth: | 7% YoY, versus 22% in July; down 11% MoM |
| SBI Cards industry spending share: | 17.5%, down from 19% |
| Cards-in-force: | 122.7 million, up 9.5% YoY |
| SBI Cards added 190,000 cards; cards-in-force growth | 7.6% YoY |
| HDFC Bank spending share: | 30%; ICICI Bank: 16%; Axis Bank: about 11% |
| SBI Cards spending per card: | Rs 15,400, down from Rs 17,400 |
| Retail digital spending: | Rs 44.8 trillion, up 18% YoY |
| Credit-card share of digital spending: | 4.5% |