Credit Card Spends Rise 10.8% in January, Touch ₹1.84 Trillion

Credit card spending in India saw a 10.8% year-on-year (YoY) growth, reaching ₹1.84 trillion in January 2025, according to the latest data from the Reserve Bank of India (RBI). However, there was a slight decline compared to the previous month.

Among leading issuers, HDFC Bank recorded a 15.91% YoY increase in credit card spending, reaching ₹50,664 crore. ICICI Bank posted the highest growth among major players, with a 20.25% rise to ₹35,682 crore. In contrast, SBI Cards saw a 6% decline to ₹28,976 crore, while Axis Bank’s spending dipped marginally by 0.45% to ₹20,212 crore.

The average per-card spending across the industry stood at ₹16,910, reflecting a 1.09% increase from the same period last year. HDFC Bank saw a slight decline of 0.61% in per-card spending to ₹21,609.93, while SBI Cards and Axis Bank recorded declines of 14.23% and 7.38%, respectively. ICICI Bank was the only major issuer to register growth in per-card spending, rising by 11.69% to ₹19,730.81.

Credit card issuance witnessed a minor drop in January, with net additions standing at 8,17,279, slightly lower than the 8,20,000 added in December 2024. The total number of active credit cards in circulation rose by 9.4% YoY, reaching 108.87 million.

HDFC Bank led in new credit card additions, issuing 2,99,761 cards in January. SBI Cards followed with 2,34,537 new additions, while ICICI Bank issued 1,83,157 cards. Axis Bank, however, experienced a decline, with a net reduction of 14,862 cards during the month.

The latest figures highlight the continued growth in credit card spending, with ICICI Bank emerging as the top performer in both total and per-card spending growth.

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