Credit Card in force stays flat in June; ICICI, Axis Bank cards decline

Credit card issuances remain flat in June 2025, with ICICI Bank and Axis Bank showing declines in card numbers, while overall spending drops sequentially

The overall number of credit cards in force in the country remained flat at 111.19 million in June 2025 compared to May 2025, as banks continue to calibrate their credit card portfolios amid concerns about delinquencies, according to analysts. Credit card spends also declined in June compared to the previous month.

 

According to data released by the Reserve Bank of India (RBI), the number of credit cards in force increased by 7.12 per cent Year-on-Year (YoY), from 103.81 million in June 2024.

 

“Lenders are likely tightening their underwriting standards and credit card issuances. They are also cleaning their portfolios, which has resulted in a minor drop in the overall number of credit cards in the system,” said Saurabh Bhalerao, Associate Director, CareEdge Ratings.

 

Among the leading credit card issuers, HDFC Bank added 212,786 cards in the month, bringing its total to 24.48 million. SBI Cards added 83,281 cards to reach 21.19 million. Meanwhile, the third-largest credit card issuer, ICICI Bank, saw a drop of 287,439 cards, bringing its total to 17.98 million. Axis Bank also experienced a decline, with its card issuances dropping by 6,271 cards to 15.05 million. 

 

“Banks might be more cautious with credit card issuances due to increased delinquencies and may also be cleaning out unused cards. The upcoming festive season might provide more clarity on the portfolio,” said an analyst.

 

During its post-earnings media call, Axis Bank's management stated, “We have observed that credit cards are stabilizing for us. Regarding personal loans, post-credit corrections that were undertaken, early rates on the new portfolio are encouraging, with delinquency lower than in the previously underwritten portfolio.”

 

ICICI Bank saw muted growth in its card portfolio during the April-June period, with the credit card portfolio growing by 1.5 per cent YoY, but declining by 5.4 per cent sequentially.

 

Credit card spending slipped to Rs 1.83 trillion in June, down from Rs 1.89 trillion in May 2025. HDFC Bank’s card spending fell by 1.14 per cent MoM to Rs 51,158 crore. ICICI Bank’s credit card spending dropped by 3.37 per cent to Rs 33,351.4 crore. SBI Cards posted a 5.6 per cent drop in spending to Rs 30,572 crore, and Axis Bank’s spending decreased by 2.6 per cent MoM to Rs 21,868 crore.