MARKET RESEARCH 2026

The Indian Credit Card Landscape

Key data points every smart card user in India should know — backed by RBI bulletins, CRISIL reports, and industry data.

BY THE NUMBERS

6 stats that define the market

113M+

Active Credit Cards in India (Q3 2025)

India crossed 113 million active credit cards by Q3 2025, growing at ~8% year-on-year — and 45% of new holders are under 30.

Source: RBI Bulletin, Oct 2025

60%

Users Never Chose Their Card

60% of Indians took whichever card their bank offered — missing out on cards that could earn them 3–5× more rewards on their actual spending.

Source: CRISIL Consumer Survey, 2025

₹850Cr

Travel Rewards Redeemed in 2025

Smart users redeemed ₹850 crore in travel rewards with an average return of 15.6% on travel spending. Flight & hotel redemptions dominate.

Source: Industry estimate, FY2025

Only 5% Research Before Applying

Only 1 in 20 Indians proactively researched credit cards. The rest left thousands of rupees in rewards on the table every year.

Source: CRISIL, 2025

2.5×

Cards Per Person by 2026

RBI projects the average rising from 1.5 to 2.5 cards per user by 2026. Smart users stack 2–3 cards to maximise rewards across categories.

Source: RBI Financial Stability Report, 2025

66%

E-Commerce Dominates Spends

Over 66% of credit card spend value goes to e-commerce in 2025. Online shopping co-branded cards offer the highest value for most Indian consumers.

Source: RBI Payment System Report, 2025

WHERE INDIANS SPEND

Credit card spend by category (2025)

66%

Online Shopping

Amazon, Flipkart, Meesho driving growth

+12% YoY

14%

Travel & Hotels

Fastest growing; flight bookings surging

+22% YoY

Dining & Food

Swiggy/Zomato now 55% of dining spend

+18% YoY

Fuel

Share declining as EVs rise

-2% YoY

Grocery

BigBasket, Blinkit gaining over offline

+8% YoY

Other

Utilities, OTT, healthcare, misc.

— YoY

TOP ISSUERS IN INDIA

Who dominates the market

HDFC

HDFC Bank

22M+ cards · 21% market share

Known for: Regalia, Millennia, Infinia Metal

SBI

SBI Card

19M+ cards · 18% market share

Known for: SimplyCLICK, Cashback, BPCL Octane

ICIC

ICICI Bank

16M+ cards · 15% market share

Known for: Amazon Pay, Coral, Sapphiro

AXIS

Axis Bank

14M+ cards · 13% market share

Known for: Flipkart, Magnus, Burgundy Private

KOTA

Kotak Mahindra

6M+ cards · 6% market share

Known for: 811, Zen Signature, League

RBL

RBL Bank

5M+ cards · 5% market share

Known for: Shoprite, World Safari, Titanium

2025 → 2026 TRENDS

What's changing in rewards

💵

Cashback is winning

Cashback card applications grew 34% YoY in 2025. Users prefer direct money-back over point ecosystems after several devaluations by major issuers.

✈️

Travel miles resurging

Post-pandemic travel recovery drove airline miles redemptions up 40% in 2025. IndiGo, Air India, and Vistara integrations are the main drivers.

🏪

Co-branded cards outperform

Amazon Pay ICICI and Flipkart Axis consistently earn 3–5× more than generic cards for online shoppers — the co-branded category is the sweet spot for most Indians.

📲

RuPay + UPI integration

RuPay credit cards linked to UPI now allow 10% cashback on UPI transactions — making lifetime-free RuPay cards a no-brainer for regular UPI users.

✨ AI-POWERED RESEARCH

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