HDFC Bank & SBI Control Nearly 50% of India's Credit Card Spend; Top 5 Banks Hold 85.6% Market Share

India’s credit‑card market is becoming increasingly concentrated among legacy banks, with HDFC Bank and State Bank of India (SBI) driving the majority of high‑value purchases. 

HDFC Bank and SBI Lead India Credit Card Spending 

In January 2026, HDFC Bank’s share rose to 28.4% and SBI’s share jumped from 19.3% to 24.7%, together representing 47.5% of total spend.  

The top 5 issuers accounted for 85.6% of all transactions, up from 81.2% in April 2025. Foreign banks’ share fell to 4.5% as several exited the market. 

Market Share of the Top Five Issuers 

Beyond HDFC and SBI, the remaining 3 banks in the top tier hold roughly 32.5% of spend, keeping the active‑card proportion for these banks stable at 74 to 75%.  

Smaller banks and fintech issuers together command less than 15% of the market, indicating a clear preference for established lenders for larger purchases. 

Transaction Trends in January 2026 

Total credit‑card spend declined 2.7% month‑on‑month to about ₹2,00,000 crore. Online transactions contributed 61.8% of value, while point‑of‑sale spend slipped 3.2% to ₹76,000 crore, reflecting reduced offline discretionary buying.  

HDFC Bank and SBI recorded smaller declines than the industry average, reinforcing their dominant position. 

Read More: Credit Card Spends Decline Sequentially in January; Total Cards Rise to 116.65 Million! 

Conclusion 

The data shows a pronounced shift toward legacy banks in India’s credit‑card ecosystem, with HDFC Bank and SBI together handling nearly half of all spend and the top 5 banks controlling over 85% of transactions. 

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