In May 2025, credit card spending in India witnessed a significant growth of 14.5%, totaling ₹1.89 trillion. This surge was fueled by the issuance of 760,000 new credit cards, with major banks like HDFC, ICICI, and SBI Cards leading the trend.
Key Highlights
- Total Credit Card Spends in May 2025: ₹1.89 trillion (↑14.5% YoY, ↑2.7% MoM)
- New Cards Issued: 760,000 net additions in May
- Total Cards in Circulation: 111.19 million (↑7.64% YoY)
- Peak Month Comparison: March 2025 saw spends above ₹2 trillion
Bank-Wise Performance
HDFC Bank
- Leading issuer
- Spends: ₹51,747 crore (↑25% YoY)
- New cards: 274,819
ICICI Bank
- Spends: ₹34,515 crore (↑8% YoY)
- Decline in card base: -31,645 cards
SBI Cards
- Spends: ₹32,389 crore (↑22.8%)
- New cards: 126,772
Axis Bank
- Spends: ₹22,455 crore (↑16.79%)
- New cards: 105,590
Objectives and Significance
- Encourage digital transactions and reduce cash dependency
- Boost financial inclusion via increased access to formal credit
- Promote consumer convenience and credit-based purchasing
Key Takeaways for Competitive Exams
- Credit card spending in India surged by 14.5% in May 2025, reaching ₹1.89 trillion.
- Major banks like HDFC, ICICI, and SBI Cards led the trend with significant transaction volumes and new card additions.
- The rise in credit card spending reflects growing consumer confidence and a shift towards digital transactions.
- HDFC Bank emerged as the leading issuer with notable spending and new card additions in May 2025.
- Encouraging digital transactions and enhancing financial inclusion are key objectives driving the growth in credit card usage.
