In July 2025, credit card spending in India soared to an unprecedented ₹1.93 lakh crore, marking a 6% month-on-month increase and a 12% year-on-year jump, according to the Reserve Bank of India (RBI). This signifies the highest monthly credit card spends ever recorded in the country.
Breaking Down the Growth
- Point-of-Sale (POS) Transactions: Up 4.3%, reaching ₹70,380 cr.
- Other Card Transactions: Rose by 6.7%, totaling ₹1,23,469 cr.
New Credit Cards Issued
July also saw a surge in new credit card issuances, with 4.26 lakh new cards added, pushing the total active credit cards to 11.16 crore.
Sector Highlight: Bank-wise Momentum
- HDFC Bank led the growth, adding 3.15 lakh cards, growing its base to 24.8 million.
- SBI Cards added 66,640, reaching 21.2 million cards.
- ICICI Bank rebounded with 67,664 additions (after earlier losses), reaching 18 million.
- Axis Bank added 1.22 lakh cards.
- Kotak Mahindra Bank saw a modest rise of 1,759 cards.
What It Signals
- The surge in spending and new issuances suggests a revival in unsecured lending and improved consumer sentiment.
- According to Motilal Oswal’s Nitin Aggarwal, “incremental delinquencies have plateaued,” pointing toward more prudent lending and easing credit cost trajectories.
The Economic Times
Summary Table
| Metric | Value |
|---|---|
| Credit Card Spending (July 2025) | ₹1.93 lakh crore |
| MoM Growth | ~6% |
| YoY Growth | ~12% |
| POS Transactions | ₹70,380 crore (↑4.3%) |
| Other Card Transactions | ₹1,23,469 crore (↑6.7%) |
| New Cards Issued | 4.26 lakh |
| Total Active Cards | 11.16 crore |
