India’s credit card base continued to expand in September, rising 9.5 percent year-on-year, even as credit card spending growth moderated on a high base, according to brokerage firm Jefferies. Analysts believe this trend highlights a moderation in spending momentum despite continued growth in the number of credit cards in the country.
The total number of credit cards in force (CIF) across the industry rose to 123.8 million in September 2026, with YoY growth accelerating to 9.5 percent from 9 percent in August 2026. However, overall credit card spending declined 6.2 percent YoY in September, compared with a 5.5 percent increase in August. “The decline in spending on a YoY basis mostly reflected a higher base last year boosted by post-GST spending and an earlier timing of festive season,” the Jefferies report said.
The report highlighted varied performance among individual card issuers in terms of card circulation and spending. Retail digital transactions, excluding NEFT, rose 16.4 percent year-on-year to Rs 44 trillion during the period, according to Jefferies. Credit cards accounted for 4.64 percent of total retail digital spending, up 12 basis points month-on-month but down 110 basis points year-on-year.
(With Inputs From ANI)
Credit Card Spending Growth Slows In September Despite 9.5% Rise In India’s Credit Card Base: Jefferies
