Credit Card Spending Grows 8.1% Year-on-Year but Declines from December Peak in January

Credit card spending in India reached Rs 1,990 billion in January 2026, marking an 8.1% year-on-year increase but a 2.7% decline from December's festival-driven peak. The slowdown was broad-based, with declines in both online and point-of-sale transactions. Major banks like SBI and ICICI saw sharper monthly spending drops, while HDFC Bank gained market share. Active credit cards rose to 116.6 million, though new additions slowed due to tighter underwriting and regulatory caution, with issuers focusing on portfolio quality over expansion.