Credit Card Spending Slows to ₹1.89 Trillion in November 2025

After 2 months of elevated activity during the festive season, credit card spending in India moderated in November 2025.  

The slowdown came as seasonal offers tapered off and consumer spending normalised following festival-related purchases and tax-led incentives earlier in the quarter. 

Spending Trends and Issuer-Wise Performance 

According to news reports, total credit card spends stood at ₹1.89 trillion in November, down from over ₹2 trillion in both September and October. During the festive period, aggressive discounts, cashback schemes and temporary GST rate relaxations had driven unusually high card usage across retail categories. 

All major issuers recorded a sequential decline in transaction values. HDFC Bank, the largest credit card issuer, saw spending fall 10.33% month-on-month to ₹55,552.27 crore from ₹61,955 crore in October.  

SBI Cards reported a sharper 15.16% drop to ₹33,936 crore. ICICI Bank registered a 13.64% decline to ₹34,159 crore, while Axis Bank saw spending slip nearly 16% to ₹20,526.4 crore. 

Credit Card Base Continues to Expand 

Despite the moderation in spending, the number of outstanding credit cards continued to edge up. Cards in circulation increased to 114.9 million in November from 114.02 million in October.  

HDFC Bank remained the largest issuer with 25.64 million cards, followed by SBI Cards at 21.74 million, ICICI Bank at 18.58 million and Axis Bank with 15.57 million cards outstanding. 

On a year-on-year basis, total credit cards in force rose 7.13% from 107.23 million in November 2024, reflecting sustained growth in card adoption even as monthly spending fluctuates. 

Read More: ICICI Bank Revises Credit Card Rules for 2026: New Fees, Reward Changes and Discontinued Benefits! 

Conclusion 

The November slowdown highlights the seasonal nature of credit card usage in India, with spending peaking during festivals and easing thereafter. While transaction volumes softened, the steady rise in cards in circulation points to continued expansion of the credit card ecosystem, setting the stage for renewed activity during future consumption cycles.

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