Credit Card Spending Rebounds in December, Numbers Rise
- Credit card spending in India rebounded last month, rising 8% year-over-year and month-over-month to ₹2.05 lakh crore, according to data released by the Reserve Bank of India.
- The growth in spending coincided with a significant expansion of the credit card user base.
- Sweta Padhi, an analyst at IDBI Capital, stated that residual festive demand and stable consumption trends will likely support this momentum.
Credit card spending in India rebounded last month, rising 8% year-over-year and month-over-month to ₹2.05 lakh crore, according to data released by the Reserve Bank of India. The increase signals a boost from seasonal shopping and end-of-year discretionary purchases.
The growth in spending coincided with a significant expansion of the credit card user base. Net new credit card additions exceeded 900,000 in December, reaching a three-month high. This brings the total number of cards in circulation to 115.7 million, up from 108 million at the close of December 2024.
Analysts predict continued, steady spending. Sweta Padhi, an analyst at IDBI Capital, stated that residual festive demand and stable consumption trends will likely support this momentum. “While year-on-year growth may remain moderate, improving volumes and sustained card additions suggest underlying demand remains intact,” Padhi said. She added that banks are focusing on stable asset quality, calibrated growth, and increasing card activation rates.
Spending in November 2025 and December 2024 both totaled approximately ₹1.90 lakh crore.
HDFC Bank led the way in new credit card acquisitions, adding 160,000 cards last month. However, mid-sized lenders continued to demonstrate faster growth in incremental additions.