Credit Card Spends Decline Sequentially in January; Total Cards Rise to 116.65 Million

Credit card spending in India saw a marginal decline in January compared to December, while the total number of cards in circulation continued to increase, according to Reserve Bank of India (RBI) data. 

News reports suggest that the total spending through credit cards stood at ₹2 trillion in January, lower than ₹2.05 trillion recorded in December, a month that typically sees higher usage due to festival-related purchases. 

Transaction Values Fall Month-on-Month 

Both offline and online transactions declined on a sequential basis. Spending through point-of-sale terminals fell 3.17% to ₹7.59 trillion in January. Similarly, E-commerce transactions dropped 2.47% to ₹12.30 trillion during the month. 

On an annual basis, however, overall credit card spending remained over 8% higher compared to January last year. 

Card Numbers Continue to Grow 

Reports indicate that the number of outstanding credit cards rose to 116.65 million in January, up from 115.78 million in December. 

Cards in circulation among major issuers: 

• HDFC Bank had 26.10 million cards
• State Bank of India (SBI) reported 21.90 million cards
• ICICI Bank had 18.77 million cards
• Axis Bank held 15.73 million cards 

Lower Monthly Spending Across Banks 

Most large issuers reported a decline in spending during January. HDFC Bank recorded spends of ₹56,518.29 crore, down from December. ICICI Bank reported ₹35,178.16 crore, a decline of 4.59%, while Axis Bank saw spending fall 2.72% to ₹22,550.86 crore. SBI Card reported spends of ₹38,026.5 crore, down 4.68% during the month. 

Slower Additions During FY26 

Between April and January of FY26, the industry added 6.77 million cards, compared with 7.07 million in the same period of FY25. Total spending during this period rose to ₹19.64 trillion, up from ₹17.4 trillion a year earlier. 

Following earlier regulatory tightening on unsecured lending, card issuers have slowed additions and shifted focus towards higher-value segments. 

Read More: NSE Issues Public Warning on Fake SEBI STT Notices, Urges Investors to Stay Alert! 

Conclusion 

January saw a sequential decline in spending after higher activity in December, while card issuances continued to expand. Annual spending levels remained higher despite slower additions. 

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