Synopsis: This article provides insights on which banks issued the most credit cards in October 2025, based on the latest market data. Emerging market trends show a trend toward preferring premium and co-branded cards, indicating changes in the way consumers behave.
In late 2025, India’s credit card usage went up by a large margin largely due to festive spends, e-commerce growth, and the overall rise in consumer confidence. The rankings of the issuers reveal a lot about the industry changes, the alteration of customers’ tastes, and their spending habits. The MoM comparison of growth from September to October 2025, along with the top 3 most preferred cards by the customers of India’s leading issuers are being presented in this article.
Overview of the Credit Card Market in India(October 2025)
- Credit cards in circulation: 11.3 Crores+ with a constant 7% Year to Year growth and 1% Month to Month growth.
- The Monthly Spending on Credit Cards for September is at an all-time high of ₹ 2.17 Lakh Crore, which is an increase of 14% Month over Month.
- The Top 5 Credit Card Issuers control nearly 83% of the Total Market Share of Credit Cards in India.
- The Increase in Credit Card Numbers is attributed to increased consumer confidence from the festive season, resurgence of travel, availability of BNPL credit cards, and increased popularity of Digital Payments.
Sep–Oct Month-on-Month(MoM) Growth Comparison
| Issuer | Sep 2025 Cards Issued (Lakh) | Oct 2025 Cards Issued (Lakh) | MoM Change (%) | Insight |
| HDFC Bank | 2.58 | 1.44 | -44.19% | Post-festive slowdown after strong September |
| SBI Card | 1.73 | 1.27 | -26.59% | Seasonal dip following strong September demand. |
| ICICI Bank | 1.92 | 1.04 | -45.83% | Fewer campaigns, weaker co-branded conversions. |
| Axis Bank | 1.06 | 79,842 | -25% | Marketing cuts led to steep fall. |
| Kotak Mahindra | 0.65 | 0.78 | 20.00% | Fintech partnerships and digital onboarding focus |
Issuer-Wise Deep Dive
1. HDFCBank
- Rank: First Overall in October 2025.
- Number of Cards: 23 Million Cards Issued.
- Month over Month Difference from Previous Year: Decrease in Card Issued Because of Normalisation of Festivals.
- Top Cards: HDFC Regalia, HDFC Millennia, HDFC Infinia
- Target Market: High Net Worth Individuals, Frequent Travellers, and Working Professionals.
2. SBI Bank
- Number of Cards: 20 Million Cards Issued.
- Difference of Month over Month from Previous Year: Moderate decline; SBI Card typically sees strong seasonal spikes. The dip reflects post-festive normalization and slower traction in semi-urban markets.
- Top Cards: SBI Cashback, SBI Elite, and SBI SimplyCLICK.
- Target Market: Value-Conscious Consumers; Middle-Class Consumers; Residents of Tier II & III Cities.
3. ICICI Bank
- Number of Cards: 15 Million Cards Issued.
- Difference Month on Month from Previous Year: One of the steepest drops. ICICI scaled back aggressive sourcing campaigns, and co-branded cards saw lower conversions after September festival deals.
- Top Cards: Amazon Pay ICICI, Coral, and Rubyx.
- Target Market: Urban Millennials and Online Shoppers.
Also read: Cashback SBI Card vs Airtel Axis Bank Credit Card: Which One Offers Better Rewards in 2025?
4. Axis Bank
- Number of Cards: 10 Million Cards Issued.
- Difference Month on Month From Previous Year: Largest decline among top issuers. Axis typically leads in co-branded activations (Flipkart, Vistara), and reduced marketing during October sharply affected new issuances.
- Top Cards: Axis Bank Magnus, Axis Bank Ace, and Axis Bank Atlas.
- Target Market: High-Income Travellers and Travel Enthusiasts.
5. Kotak Mahindra Bank
- Cards in Force: 7 million+
- MoM Change: The only issuer with positive growth. Kotak benefited from the success of its premium and cashback cards, new co-branded launches, and strong digital acquisition campaigns.
- The Growth Drivers were Digital Growth and Co-Branded Cards
- Top Cards: Kotak Essentia, Kotak League, Kotak White
- Target Consumer: Young, Tech-Savvy and Aspirational Consumers
Insights and Trends from the Market
The issuance of Premium Cards, especially travel-related Premium Cards, is increasing at a higher rate than ever before. We are seeing a shift from pure cash-back offerings to hybrid travel and lifestyle benefits. The highest number of newly issued Cards are co-branded with Airlines, E-Commerce, and Fuel Chains. We have also seen a significant increase in Adoption of Tier-2 and Tier-3 Cities. This growth is supported by improvements in Banking Infrastructure and Fintech Solutions. Buy-Now-Pay-Later and Credit Card Hybrid Products are becoming more and more popular due to their ability to offer a more versatile payment option.
Expert Commentary
- HDFC Bank continues to lead, with a very extensive Portfolio and a very wide reach; however, they are also experiencing seasonality in their issuances.
- SBI Card has built on their strength of being the largest provider to the Rural and Mass Market segments, with a focus on Cash-Back and Festival Offers.
- Axis Bank and Kotak Mahindra are both growing quickly and expanding their Market Share due to their partnerships with the Travel and Fintech industries.
- The Demand for Co-Branded and Lifestyle Products will remain strong going forward, due to increased focus on Digital Onboarding and Rewards Innovation.
Closing Thoughts
As India’s leading credit card providers add new products via partnerships and are increasingly focused on digital channels to attract new customers, the credit card industry has become highly competitive and beneficial to consumers. Continued growth in this sector is anticipated based on a consistent launch strategy and targeted offers.
Written By Rachna Rajput
