Credit Card Spends Rise 14.5% in May 2025 Amid Surge in New Card Issuance

Credit card spending in India continued its upward trajectory in May 2025, driven by a healthy increase in net card additions. According to data released by the Reserve Bank of India (RBI), credit card spends rose 14.5% year-on-year (Y-o-Y) to ₹1.89 trillion. On a month-on-month (M-o-M) basis, spending witnessed a growth of 2.7%. In comparison, April saw spending of ₹1.84 trillion, while March marked a peak with credit card transactions surpassing ₹2 trillion.

Private Banks Lead in Spending Growth

Among the major players, HDFC Bank maintained its dominance as the leading credit card issuer, recording a Y-o-Y growth of nearly 25% in spends to ₹51,747 crore. ICICI Bank reported a relatively modest rise of 8% with spending amounting to ₹34,515 crore. SBI Cards experienced a significant jump of 22.8%, reaching ₹32,389 crore. Axis Bank also demonstrated solid performance with a 16.79% Y-o-Y increase in credit card spends to ₹22,455 crore.

Net Credit Card Additions Strengthen in May

The total number of credit cards in circulation increased by 7.64% Y-o-Y and 0.71% M-o-M, reaching 111.19 million in May. The month witnessed nearly 760,000 net additions, compared to 550,000 in April. HDFC Bank led in new card issuance, adding 274,819 cards in May. SBI Cards followed with 126,772 new cards, while Axis Bank issued 105,590. However, ICICI Bank saw a decline in its net credit card additions, with a drop of 31,645 cards in the same period last year.

Read More: India Mobile Phone Exports Hit $3.09 Billion in May 2025, Surging 74%!

Conclusion

The strong growth in credit card spending and additions in May 2025 reflects increasing consumer confidence and spending capacity, particularly supported by the aggressive expansion strategies of leading banks. The trend suggests continued momentum in digital and credit-based consumption across the country.

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