Credit card spending slows in April; SBI Cards emerges as top outperformer while ICICI Bank lags

India’s credit card spending momentum slowed sharply in April 2026 as spending and transaction activity witnessed a sequential decline following a strong March base. However, amid the broader slowdown, SBI Cards emerged as the strongest performer in spending growth, while ICICI Bank underperformed among major issuers, according to the latest Monthly Credit Card Insights report by Asit C. Mehta Investment Intermediates Ltd (ACMIIL).

Total credit card spending stood at ₹1.97 trillion in April, registering a 10.1% month-on-month (MoM) decline, although annual growth remained positive at 7.1% year-on-year (YoY). The report noted that April spending trends were softer than usual and reflected the impact of an elevated spending base in March.

The slowdown was particularly visible among India's largest card issuers. HDFC Bank, SBI Cards, ICICI Bank and Axis Bank each saw spending fall by roughly 11–12% sequentially, collectively losing 77 basis points of market share in spending.

Despite the broader moderation, SBI Cards stood out as the biggest outperformer in the sector.

MUST READ: Gold loans just crushed credit card debt in India. The gap is now massive

Spending trends

According to the report, SBI Cards registered 29% YoY spending growth, the strongest among leading issuers, while also recording the largest market share gain of 327 basis points. Analysts attributed the performance partly to stronger corporate spending trends.

The report further highlighted that SBI Cards also delivered a 22% increase in average spending per card, making it the only major player to show meaningful improvement in spending efficiency.

In contrast, ICICI Bank emerged as a laggard in spending performance.

While several major banks maintained growth close to industry averages, ICICI posted a 7% contraction in annual spending, making it one of the weakest performers in the segment. The bank also trailed industry transaction growth, recording 14.4% volume growth, below broader market trends.

Axis Bank also reported relatively muted performance, registering only 4% annual spending growth.

Outside the top issuers, mid-sized banks continued to gain traction.

MUST READ: 30% Indians face loan rejection without knowing why. Can AI solve this credit awareness gap?

Federal Bank emerged as one of the fastest-growing players, reporting 51% YoY growth in spending and a remarkable 133% increase in transaction volume, driven by aggressive credit card issuance. IDFC First Bank also maintained strong momentum with 24% annual spending growth.

The report suggested that these banks are increasingly using card issuance strategies to gain market share and expand their customer base.

Card additions

New credit card additions slowed to 0.8 million in April, but annual growth in issuance reached 8.15%, the strongest pace seen in the last 14 months. Total cards in force rose to 119.4 million, indicating continued expansion of India's credit card ecosystem.

Interestingly, ICICI added the highest number of new cards during the month at 0.15 million, despite weaker annual growth in card issuance.

Meanwhile, average spend per card across the industry fell 10.7% month-on-month to ₹16,512, while average transaction value declined 13.5% YoY to ₹3,546, reflecting softer consumer spending behavior.

The report suggests that while industry-wide spending growth has moderated, competitive dynamics are shifting. SBI Cards appears to be strengthening its position through higher spending activity, while ICICI may face pressure to improve spending traction despite maintaining strong card additions.

MUST READ: BT Explainer: When do banks start charging interest on credit card transactions?