Credit card spends rose 6.3% year-on-year to Rs 2.02 lakh crore in May 2026 from Rs 1.90 lakh crore in May 2025, and recovered 2.5% sequentially from Rs 1.97 lakh crore in April — a post-financial-year-end bounce that suggests some normalisation in consumer spending after the typical April dip. Total cards in force stood at 12.04 crore, up 8.3% year-on-year from 11.12 crore in May 2025.
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emerged as the top card issuer in May, adding 1,81,851 net new cards — its strongest monthly performance in the recent series — overtaking which had topped the chart in April. came second with 1,68,344 additions, followed by at 1,42,297. and maintained their strong mid-tier momentum, adding 87,227 and 1,06,861 cards respectively — crossing the one lakh addition mark for the third consecutive month.
added 52,328 cards in May while Kotak Mahindra Ban bounced back strongly with 53,764 additions — a 62.7% sequential jump from 33,038 in April.
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showed early signs of stabilisation — shedding 9,244 cards in May versus 22,214 in April — though it remained in negative territory for the fourth consecutive month, having now lost a cumulative 53,692 cards since February. ‘s decline accelerated, with net card losses widening to 6,116 in May from 721 in April.
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The industry’s broader trajectory remains one of steady if moderating growth. While card additions have recovered sharply — year-on-year additions of 10.17 lakh in May 2026 compare with just 7.61 lakh in May 2025 — spend growth of 6.3% year-on-year remains well below the double-digit rates seen in earlier years, pointing to a gradual normalisation in spending intensity even as the cardholder base continues to expand.
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