Credit card spends up 14.5% to ₹1.89 trn in May 2025; HDFC, SBI lead

Spends rose to Rs 1.89 trillion in May 2025 with 2.7 per cent M-o-M growth, supported by strong card issuances and led by HDFC Bank, SBI Cards and ICICI Bank

Credit card spends, supported by a healthy growth in the net card additions, grew by 14.5 per cent year-on-year (Y-o-Y) to ₹1.89 trillion in May 2025, data released by the Reserve Bank of India (RBI) showed. This was an increase of 2.7 per cent month-on-month (M-o-M).

 

In April, credit card spends had touched ₹1.84 trillion, while in March, the spending had topped ₹2 trillion. 

 

“We expect credit card spends to remain stable in 2025-26 (FY26), supported by consumption tailwinds. Net new card additions are expected to see some improvement in FY26, though lenders will prioritise better credit quality as well as focus on cross-selling to existing customers rather than aggressive acquisitions,” analysts at IDBI Capital said.

 

HDFC Bank, the leading credit card issuer, saw its spends grow nearly 25 per cent Y-o-Y to ₹51,747 crore, while ICICI Bank’s spends rose 8 per cent Y-o-Y to ₹34,515 crore. SBI Cards clocked a 22.8 per cent Y-o-Y rise to ₹32,389 crore. Meanwhile, Axis Bank’s spends increased 16.79 per cent Y-o-Y to ₹22,455 crore. 

 

The overall cards in circulation were up 7.64 per cent Y-o-Y and 0.71 per cent M-o-M to 111.19 million. The net card additions in the month (May) stood at nearly 760,000 against almost 550,000 growth in card additions in April.

 

In May, the leading credit card issuer, HDFC Bank, added 274,819 cards. Similarly, SBI Cards added 126,772 cards, while ICICI Bank’s net credit card additions dropped by 31,645. Axis Bank’s card additions stood at 105,590 cards in the month compared to May 2024.  

Credit card spending