India’s Credit Card Spending Growth Moderates in July 2026, SBI Cards Up 22% YoY

Credit card spending grew 7.4% year-on-year in July 2026, continuing the slowdown seen over the past year, as per The NDTV Profit news report. Growth had stood at 22.5% in March 2025 and eased to 8.9% in March 2026. 

The July data also showed a gap between the growth in spending and the number of transactions being made on credit cards. 

Transactions Rise 24% 

As per Morgan Stanley, the number of credit card transactions rose 24% year-on-year in July 2026, while cards-in-force increased 10%. Spending per card, however, declined 2.4% year-on-year, extending the fall for a tenth consecutive month. 

The total number of cards outstanding stood at 12.29 crore, up around 1% from June and 9.9% from a year earlier. 

SBI Cards Reports 22% Growth 

SBI Cards & Payment Services reported a 22% year-on-year increase in spending in July, after recording 34% growth in June. 

Its share of industry spending fell by 140 basis points from the previous month to 19%, compared with 20% in June 2026. The company's point-of-sale spending share remained unchanged at 18%. 

Online Spending Share Falls 

SBI Cards' share of online spending declined to 20% in July 2026, from 22% a month earlier. Across the industry, the online spending mix increased by 100 basis points month-on-month to 64%. 

The company gained 2.2 percentage points in monthly spending market share on a year-on-year basis, even as its share declined sequentially. 

Card Additions Continue 

HDFC Bank added 2.30 lakh credit cards in July 2026, while SBI Cards added 1.83 lakh. In YTD FY27, both accounted for 16% of industry net additions. 

ICICI Bank accounted for 15% of net additions, followed by Federal Bank at 10% and IDFC First Bank at 8%. 

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Conclusion 

The July 2026, data showed continued growth in credit card numbers and transaction volumes, while spending growth slowed. SBI Cards recorded 22% year-on-year growth in spending, although its share of industry spending declined from June. 

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