The latest data released by the Reserve Bank of India (RBI) indicates that credit card spends crossed Rs 2 trillion for the third consecutive month in July, with the average spend on a credit card amounting to around Rs 2 trillion per month in 2026, as compared to Rs 1.93 trillion in 2025.

Key Highlights

• The credit card spends surged Rs 2 trillion in July to reach Rs 2.08 trillion for the third straight month.
• Private banks' share of the total credit cards outstanding grew higher and reached 122.86 million in July.

The credit card spends totaled Rs 2.08 trillion in July, as compared to Rs 1.93 trillion and Rs 2.01 trillion in July 2025 and 2026, respectively. In March 2026, spending stood at the highest ever level of Rs 2.18 trillion.

Swiping Score: Monthly Credit Card Spends in 2026

Average Spends and Card Base Continue to Rise

Average monthly card spends stood at Rs 1.93 trillion during January-December 2025, rising to around Rs 2 trillion during the January-July period of 2026. The overall number of credit cards outstanding rose to 122.86 million in July, up from 121.6 million in June and 111.62 million in July 2025. While private and public-sector banks (PSBs) saw healthy additions to their card base during the period, foreign banks witnessed a decline in outstanding cards.

Rs 2 Trillion Spending Likely to Become the New Normal: CareEdge

Saurabh Bhalerao, Director at CareEdge Ratings, said Rs 2 trillion in credit card spending is likely to become the new normal, adding that as the country moves into the festival season over the next couple of months, this spending trend is expected to sustain. He noted that foreign banks are ceding market share, while private banks - early entrants to the space - continue to lead, even as PSBs gradually acquire greater market share.

Foreign Banks See Falling Card Base but Rising Spends

Even as the number of credit cards outstanding at foreign banks declined during January-July, their spending per card continued to rise. Foreign banks' credit card base fell by 0.12 million to 4.24 million in July, while their overall spending rose to Rs 9,000 crore.

Private Banks Lead Card Additions and Spending

Private banks registered 3.9 million cards in the period of January-July to build a card base of 86.91 million. During the period, PSBs increased their card base by 1.55 million, to reach 29.40 million.

The total spending by the private banks was Rs 1.50 trillion. HDFC Bank's spending has registered an 11.93% increase compared to the previous year, reaching Rs 60,217.54 crore. ICICI Bank, on the other hand, saw Rs 34,025.27 crore card spends decrease 5.9% year-on-year, while Axis Bank saw a slight 4.6% rise to Rs 23,824.7 crore.

PSBs' Spending Led by SBI Cards

The total expenditure of PSBs was around Rs 46,000 crore. SBI Cards, the biggest public sector lender credit card company, had a healthy year-on-year growth of 21.6% in spending on its cards to Rs 39,591.76 crore.

Also Read: Axis Bank Credit Card Changes from August 28: Check Key Details

Card Additions Among Leading Issuers

HDFC Bank registered the highest growth of 230,067 cards to raise its base to 26.97 million among leading card issuers in the month. SBI Cards saw a growth of 183,076 cards to 22.76 million, while ICICI Bank's base grew by 170,156 cards to 19.69 million. The net addition of cards in Axis Bank got the total card base to 16.26 million cards.