India crosses 12cr active credit cards milestone in May 2026
Business
India just hit a new milestone: over 12 crore active credit cards in May 2026, up 8.3% from last year.
The surge came thanks to more than 1 million new cards added in a single month, showing how fast digital payments are catching on.
Credit card spending ₹2.02L/cr in May
Credit card spending grew to ₹2.02 lakh crore in May, rising 6.3% year over year, though still shy of March's record high.
Average spend per card nudged up to ₹16,778.
SBI Cards led the pack with the most new cards issued, followed by ICICI Bank and HDFC Bank.
Analysts say banks are focusing on profitability and managing risks as digital adoption keeps growing. They're keeping an eye out for challenges in unsecured lending too.