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.
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% contraction. Federal Bank and IDFC First gained traction via aggressive issuance.
Why this matters
SBI Cards is widening its lead in a softening market, gaining 327bps share while ICICI contracts. Smaller issuers like Federal Bank (+51%) and IDFC First are reshaping the competitive stack.
Retail-company theme steady with 1,290 signals in last 90 days.