Credit card spends hit record ₹2.2 trillion in September on festive boom

Festive shopping, GST rate cuts, and heavy bank offers push card spending to an all-time high; HDFC, SBI Cards, and ICICI Bank lead growth

Credit card spends touched a record high of ₹2.17 trillion in September 2025, driven by festive season demand and increased consumption following GST rate cuts. The figure marked a 14 per cent month-on-month rise over August, according to the latest data.

 

Previously, credit card spends had peaked at ₹2.015 trillion in March 2025 and ₹2.02 trillion in October 2024. In comparison, credit card spending in August 2025 stood at ₹1.91 trillion, and ₹1.76 trillion in September 2024.

 

Festive demand, GST cuts boost consumption

 

Typically, credit card usage surges during the September–December festive period due to discounts, cashback offers, and other incentives by banks and e-commerce platforms. The recent GST rate rationalisation has further supported discretionary spending, industry officials said.

 

HDFC, SBI Cards lead the surge

 

The largest card issuer, HDFC Bank, saw a 12.45 per cent month-on-month increase in spends to ₹60,582.4 crore, up from ₹53,873 crore in August 2025. 

SBI Cards reported a 22.86 per cent jump to ₹40,622.8 crore, while ICICI Bank recorded a 21.5 per cent rise to ₹41,920.9 crore. Axis Bank saw a 19.7 per cent increase to ₹26,043.1 crore during the same period.

 

Credit card base continues to expand

 

The number of outstanding credit cards in September rose marginally to 113.4 million from 112.3 million in August 2025. HDFC Bank led with 25.28 million cards, followed by SBI Cards (21.5 million), ICICI Bank (18.37 million), and Axis Bank (15.4 million).

 

On a year-on-year basis, the total outstanding cards in circulation rose 6.86 per cent from 106.11 million in September 2024, reflecting steady growth in credit adoption and digital spending across categories.