Archive · 25 Sep 2026
India Credit Card Spending Slows as SBI Cards Shares Fall
People used credit cards more slowly in August 2026 than in July.
Total spending by credit cards fell 2.8% from the previous month.
SBI Cards saw a bigger drop in spending than the overall industry.
Its online spending fell, partly because the average purchase size became much smaller.
However, banks continued adding new credit cards.
The total number of cards in India reached 122.7 million.
SBI Cards added 190,000 cards during the month.
HDFC Bank gained a larger share of industry spending, while ICICI Bank lost some share.
This shows that card ownership is growing even though spending is slowing.
Industry-wide credit card spending growth slowed to 5.5% year-on-year in August 2026 from 7.1% in July.
Total industry spending fell 2.8% month-on-month to ₹2 lakh crore, while SBI Cards’ spending dropped 11%.
SBI Cards’ spending growth declined to 7% from 22%, and its industry spending share fell to 17.5% from 19%.
Cards-in-force grew 9.5% year-on-year to 122.7 million, while SBI Cards added 190,000 cards in August.
HDFC Bank gained spending share, while online transactions and credit cards’ share of digital spending declined.
- Who
- India’s credit card industry, including SBI Cards and Payment Services Limited, HDFC Bank Limited, ICICI Bank Limited, Axis Bank Limited, and IndusInd Bank Limited.
- What
- Credit card spending growth slowed in August 2026, while card additions continued to increase.
- When
- August 2026, compared with July 2026; the receivables-to-spending ratio cited was for July.
- Where
- India.
- Why
- The slowdown was linked partly to weaker corporate spending and lower online average ticket sizes, particularly at SBI Cards.
Signs of Slowing Spending
Signs of Continued Card Expansion
Spending momentum
Signs of Slowing Spending
Industry spending growth slowed to 5.5%, total spending fell month-on-month, and SBI Cards’ spending and market share declined.
Signs of Continued Card Expansion
Card issuance remained positive, with industry-wide cards-in-force growing 9.5% and SBI Cards’ card growth improving.
SBI Cards performance
Signs of Slowing Spending
SBI Cards’ online spending fell 1.5% year-on-year, its online mix declined to 60%, and spending per card dropped to ₹15,400.
Signs of Continued Card Expansion
SBI Cards’ point-of-sale spending growth improved to 22%, and it added more cards than in July.
- Industry spending growth
- 5.5% year-on-year in August, down from 7.1% in July
- Total August spending
- ₹2 lakh crore, down 2.8% month-on-month
- SBI Cards spending growth
- 7% year-on-year, down from 22% in July
- Cards in force
- 122.7 million, up 9.5% year-on-year
- SBI Cards additions
- 190,000 new cards in August, up from 180,000 in July
- HDFC Bank spending share
- 30%, up 140 basis points month-on-month
- Credit cards’ digital spending share
- 4.5%, down 50 basis points year-on-year