Credit card spending in November 2025 increased by 11.5% year-on-year, according to a report by CareEdge Ratings. This growth was largely driven by increased card penetration and a surge in e-commerce transactions. Despite a sequential decline of 11.9% to Rs 1.89 lakh crore, attributed to the normalisation of post-festive demand, the growth rate doubled from the 5% observed in the same period last year.
Private Sector Banks (PVBs) continued to lead the market with a 73.8% share, although this represented a 160-basis point decline from the previous year. Public Sector Banks (PSBs), on the other hand, increased their market share to 20.8% from 17.8%. The credit card market remains concentrated, with three large PVBs and five large PSBs accounting for approximately 80% of the market share.
The total number of outstanding credit cards rose from 10.7 crore in November 2024 to 11.5 crore in November 2025, reflecting a steady increase in card penetration. PVBs reported an average spending per card of Rs 17,128, a marginal 2% increase year-on-year, whilst PSBs saw a significant 21% rise to Rs 14,323.
Online transactions continue to dominate, making up around 60% of total credit card usage. PSBs recorded a remarkable 41.8% year-on-year growth in online transactions, outpacing PVBs’ 8.5% increase. The report highlights a structural shift towards digital spending, with offline transactions showing more moderate growth.
The report concludes that whilst credit card spending has moderated in absolute terms, the underlying usage remains robust, driven by increased digital adoption and strategic market positioning by major banks.
