India’s Credit Card Spending Hits ₹17.65 Trillion, Up 13.6% in April-December FY26

Credit card spending in India picked up momentum during April–December FY26, supported by festive demand and GST rationalisation, with December spending crossing the ₹2 trillion mark again, according to RBI data. 

Spending Trends and Transaction Mix 

Credit card spends during April–December FY26 grew 13.57% year-on-year, reflecting stronger seasonal consumption and the impact of GST easing. December 2025 spending rose 9.04% Y-o-Y to ₹2.05 trillion from ₹1.89 trillion a year earlier, marking the fourth time in 2025 that monthly spends crossed ₹2 trillion.  

Spending in the October–December quarter increased 8.76% Y-o-Y to ₹6.08 trillion, while January–December spending climbed 13.96% to ₹23.18 trillion. During April–December FY26, PoS transactions rose 12.01% to ₹6.63 trillion and e-commerce transactions increased 14.38% to ₹11.03 trillion.  

In December alone, PoS spending grew 7.43% Y-o-Y to ₹78,476.48 crore, while online spends rose 9.8% to ₹1.26 trillion. 

Cards in Circulation, Issuer Performance and Outlook 

Outstanding credit cards increased 7.14% Y-o-Y to 115.78 million in December 2025. Among issuers, HDFC Bank’s December spending rose to ₹57,235.50 crore, SBI Cards saw a sharp 41.4% Y-o-Y jump to ₹39,892.85 crore, ICICI Bank grew 5.3% to ₹36,871.46 crore and Axis Bank increased 7.13% to ₹23,181.72 crore.  

HDFC Bank remained the largest issuer with 25.79 million cards, followed by SBI Card at 21.81 million, ICICI Bank at 18.65 million and Axis Bank at 15.65 million.  

Read More: Credit Card Spending Slows to ₹1.89 Trillion in November 2025! 

Conclusion  

Credit card usage strengthened during FY26 as festive demand, GST rationalisation and selective card issuance supported spending growth. While year-on-year expansion may moderate, steady card additions, higher activation and stable asset quality suggest sustained underlying consumption and a continued focus by banks on profitable, calibrated growth rather than aggressive expansion. 

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