Credit Card Report- October 2025 by Asit C. Mehta Investment Interrmediates Ltd
Overall Spends & Volumes
* Total credit card spends stood at Rs.2,141 bn, down 1.1% MoM but up 6.1% YoY.
* POS spends grew sharply: +22% MoM / +11.4% YoY, driven by festive (Diwali) spending.
* Online spends declined: –12.7% MoM due to high base of the previous month.
* Transaction volumes rose 4.6% MoM and 19.2% YoY.
* Since volumes grew faster than spends, average spend per transaction dropped 6% MoM and 11% YoY.
Card Issuance & Outstanding
* 0.63 million new cards issued in October.
* Total cards outstanding increased to 114 million (up 6.7% YoY).
* Major banks leading issuance:
* HDFC Bank – 0.14 mn
* SBI – 0.13 mn
* ICICI – 0.10 mn
* Axis Bank – 0.08 mn
* Among mid-sized banks:
* Federal Bank – 0.10 mn
* IDFC First – 0.09 mn
* Top 4 banks contributed ~73% of cards issued and held ~71% of cards-in-force.
Market Share Movements
* HDFC Bank gained the most in MoM spend share: +97 bps, reaching 29%.
* ICICI, Axis & SBI lost 88 bps, 62 bps, and 7 bps respectively.
* IndusInd Bank continued sharp declines — spend share fell from 4.9% in Aug to 2.5% in Oct (–240 bps).
Bank-wise Spend Performance (MoM)
* HDFC: Total +2.3%, POS +23%, Online +9.6%
* SBI: Total +1.5%, POS +26%, Online +12%
* ICICI: Total +5.6%, POS +32%, Online +17%
* Axis: Total +6.3%, POS +16%, Online +21%
Average Spend per Card
* Average spend per card fell 1.7% MoM and 0.5% YoY.
* Major banks remained stable; IndusInd Bank again saw a 36% MoM decline in average spend per card.
Industry Mix & Other Highlights
* POS : Online spending mix = 38 : 62.
* Total transaction volume: 516 million (up from 493 mn in September).
* HDFC holds the highest spending market share at 29%; top 10 banks account for 94% of total spend.
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New launches:
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PhonePe–SBI Card co-branded card
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Kotak & Super Money credit card for users without credit score
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