Credit card spends rose 6.3% year-on-year to Rs 2.02 lakh crore in May 2026 from Rs 1.90 lakh crore in May 2025, and recovered 2.5% sequentially from Rs 1.97 lakh crore in April — a post-financial-year-end bounce that suggests some normalisation in consumer spending after the typical April dip. Total cards in force stood at 12.04 crore, up 8.3% year-on-year from 11.12 crore in May 2025.
Also Read: Credit card profit pool shrinks as revolvers evolve
SBI Cards emerged as the top card issuer in May, adding 1,81,851 net new cards — its strongest monthly performance in the recent series — overtaking ICICI Bank which had topped the chart in April. ICICI Bank came second with 1,68,344 additions, followed by HDFC Bank at 1,42,297. IDFC First Bank and Federal Bank maintained their strong mid-tier momentum, adding 87,227 and 1,06,861 cards respectively — Federal Bank crossing the one lakh addition mark for the third consecutive month.
Axis Bank added 52,328 cards in May while Kotak Mahindra Ban bounced back strongly with 53,764 additions — a 62.7% sequential jump from 33,038 in April.
IndusInd Bank showed early signs of stabilisation — shedding 9,244 cards in May versus 22,214 in April — though it remained in negative territory for the fourth consecutive month, having now lost a cumulative 53,692 cards since February. RBL Bank‘s decline accelerated, with net card losses widening to 6,116 in May from 721 in April.
Also Read: Banks are cutting credit card perks quietly; Learn how to get more value from your wallet
The industry’s broader trajectory remains one of steady if moderating growth. While card additions have recovered sharply — year-on-year additions of 10.17 lakh in May 2026 compare with just 7.61 lakh in May 2025 — spend growth of 6.3% year-on-year remains well below the double-digit rates seen in earlier years, pointing to a gradual normalisation in spending intensity even as the cardholder base continues to expand.