Credit card spends drop 10.1% MoM in April; SBI Cards outpaces peers, ICICI slips
India's credit card spending fell to ₹1.97 trillion in April 2026, down 10.1% MoM but up 7.1% YoY. SBI Cards led the pack with 29% YoY growth and 327bps market share gain, while ICICI Bank contracted 7% YoY. Federal Bank (+51%) and IDFC First scaled aggressively. Cards in force hit 119.4M; avg spend/card at ₹16,512.
What happened
India credit card spending fell 10.1% MoM to ₹1.97 trillion in April 2026. SBI Cards led with 29% YoY growth and 327bps share gain; ICICI Bank lagged with 7%
Key facts
- ₹1.97 trillion April spend
- -10.1% MoM
- +7.1% YoY
- SBI Cards +29% YoY
- ICICI -7% YoY
- Federal Bank +51% YoY
- 119.4 million cards in force
- avg spend/card ₹16,512
Why this matters
With cards-in-force at 119.4M and avg spend/card at ₹16,512, scaled co-brand or fintech tuck-ins targeting underpenetrated cohorts look attractive while laggards like ICICI may court partnership-led reacceleration.