India’s Credit Card Spending Reaches ₹1.84 Trillion in January 2025
Credit card spending in India increased by 10.8% year-on-year to ₹1.84 trillion in January 2025, according to data from the Reserve Bank of India (RBI). Despite this annual growth, spending showed a slight decline compared to the previous month. The rising usage of credit cards highlights growing consumer confidence and a shift towards digital transactions.
Among major issuers, HDFC Bank saw a 15.91% rise in credit card spending, reaching ₹50,664 crore. ICICI Bank posted a significant 20.25% growth, with spending at ₹35,682 crore. SBI Cards, however, recorded a 6% decline, reporting expenditures of ₹28,976 crore, while Axis Bank witnessed a marginal 0.45% drop at ₹20,212 crore. The overall increase in spending reflects changing consumer habits and the growing acceptance of credit-based payments.
The average spending per credit card stood at ₹16,910, marking a 1.09% increase compared to the same period last year. HDFC Bank’s per-card spending slightly declined to ₹21,609, while ICICI Bank reported an 11.69% rise to ₹19,730. SBI Cards saw a notable 14.23% drop, settling at ₹14,147, whereas Axis Bank reported a 7.38% decline, bringing its per-card spending to ₹13,673. The figures indicate varied spending patterns across different banks.
In terms of credit card issuance, January saw a net addition of 817,279 new cards, slightly lower than the 820,000 added in December 2024. The total number of credit cards in circulation rose to 108.87 million, reflecting a 9.4% year-on-year increase. HDFC Bank added 299,761 new cards, SBI Cards expanded by 234,537, and ICICI Bank issued 183,157 new cards. Axis Bank, however, reported a net reduction of 14,862 cards, signaling a strategic shift in its portfolio.
The overall credit card market continues to grow, driven by increasing consumer spending and digital payment adoption. Despite fluctuations in individual bank performances, the sector remains a key contributor to India’s financial ecosystem.
