1 week ago
India’s Credit Card Spending Holds Above Rs 2 Trillion
People in India used credit cards to spend Rs 2.08 trillion in July 2026.
This was the third month in a row that spending crossed Rs 2 trillion.
Spending was higher than in July 2025 but lower than the record set in March 2026.
The average monthly spending in the first seven months of 2026 was about Rs 2 trillion.
More people are using credit cards, and the total number reached 122.86 million.
Private banks added the most cards, while public-sector banks also grew.
Foreign banks had fewer cards, although spending on their cards increased.
HDFC Bank and SBI Cards saw especially strong growth in spending.
Analysts said spending could remain strong during the upcoming festival season.
Credit card spending exceeded Rs 2 trillion for the third consecutive month, reaching Rs 2.08 trillion in July 2026.
July spending rose from Rs 1.93 trillion a year earlier but fell from the March 2026 record of Rs 2.18 trillion.
Average monthly spending increased to about Rs 2 trillion in January-July 2026, compared with Rs 1.93 trillion in 2025.
Outstanding credit cards rose to 122.86 million in July 2026, with private and public-sector banks adding cards while foreign banks lost cards.
HDFC Bank and SBI Cards reported strong year-on-year spending increases, while ICICI Bank’s spending declined.
- Who
- Credit card users, banks, and the Reserve Bank of India are involved.
- What
- India’s credit card spending exceeded Rs 2 trillion for the third consecutive month, reaching Rs 2.08 trillion in July 2026.
- Where
- India.
- When
- July 2026, with the January-July 2026 average also near Rs 2 trillion.
- Why
- The data indicates sustained consumer spending, while banks continue expanding their credit card bases and market positions.
Key facts
- July 2026 spending
- Rs 2.08 trillion
- Year-on-year comparison
- July 2026 spending rose from Rs 1.93 trillion in July 2025.
- Previous month
- Spending was Rs 2.01 trillion in June 2026.
- 2026 average
- Average monthly spending was about Rs 2 trillion during January-July 2026.
- Credit cards outstanding
- 122.86 million cards were outstanding in July 2026, up from 121.6 million in June.
- Private-bank card base
- Private banks had 86.91 million cards after adding 3.9 million during January-July.
- Public-sector card base
- Public-sector banks had 29.40 million cards after adding 1.55 million during January-July.
- Record spending
- Monthly spending reached an all-time high of Rs 2.18 trillion in March 2026.
Quotes
Saurabh Bhalerao
Director at CareEdge Ratings
“Rs 2 trillion in credit card spends is likely to become the new normal. In the next couple of months, the country will move into the festival season, and this spending trend is likely to sustain.”
rediff.com
“Foreign banks are ceding market share. Despite that, private banks, which were early entrants, continue to lead, while PSBs are gradually acquiring market share.”
rediff.com
Sources
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