India has witnessed phenomenal changes in its financial system, whether we talk about regulations, plastic money, digital money, or the way we handle our day-to-day transactions. From rummaging through our pockets for notes to simply clicking a few buttons on our phones, we have all come a long way.
A huge part of our financial revolution is plastic money. Credit cards have not only provided us with freedom by offering a simple line of credit, but they have also rewarded our spending. Even though there has been a dramatic, almost meteoric rise in UPI usage, credit cards still play a significant role.
Currently, there are over 11.86 crore credit cards in circulation in India. From major issuers like HDFC Bank to smaller players like Punjab National Bank, almost every bank offers a range of credit cards suited to different needs and users.
Steps like linking RuPay credit cards to UPI have been very successful for more credit card usage. In addition, the launch of several co-branded credit cards in the financial year 2025 made it a strong year for credit card growth in the country.
Key Highlights
Let’s have a look at a few figures.
- HDFC Bank is the largest credit card issuer in India, with over 2.63 crore cards. It was also the first to cross the 2 crore mark.
- SBI Card has also crossed the 2 crore milestone and currently has over 2.21 crore cards, making it the second-largest issuer in the country.
- ICICI Bank and Axis Bank follow next with strong numbers. ICICI Bank has over 1.91 crore credit cards, while Axis Bank has around 1.60 crore cards.
- Federal Bank has seen strong growth, increasing its card base from 12.15 lakh+ in April 2025 to 22.24 lakh+ in March 2026, an increase of around 83%.
Bottom Line
HDFC Bank continues to be the top choice for credit cards, and for good reason. From strong co-branded partnerships to rewarding cards and some of the best premium options in India, the bank has consistently delivered value to users. There are still a few areas to improve, for example, if you first get an HDFC co-branded card, you may not be eligible for a core card, but overall, HDFC remains the preferred choice for many.
Apart from HDFC, the usual favorites continue to perform well, SBI Cards, ICICI Bank, and Axis Bank. Together, these four issuers dominate the market. The top four hold about 70.37% market share, which means roughly 7 out of every 10 credit cards in India come from these issuers.
From hindrances in acceptance and stigma around credit cards to being widely used, plastic money in India has seen a long and eventful journey. Do you own and use a credit card? Share some of your thoughts on the growth of credit cards in India.