Synopsis: The credit card segment remains a key growth engine for Indian banks, driven by innovation and rising urban demand. This article highlights the banks that lead the Indian credit card market.
India’s credit card industry has been on a strong trajectory of growth in 2025. A few major banks dominate the industry with their active credit cards and annual spendings and issuing the highest number of credit cards.
HDFC bank – 22.3%
HDFC bank continues to dominate the credit card industry in terms of growth and demand due to the features like cashback and rewards and much more. The HDFC bank commands about 22.3% of the market share in 2025.
HDFC bank being one of India’s largest private-lender sectors, they continued to dominate the market with a market share of 22.3% in October 2025 as they are the leading company with the highest spend and cardholders because of their popular reward structures.
SBI bank – 19%
Following HDFC bank in the table lies SBI. The SBI card is India’s largest lender, with a market share of 19%. However, SBI remains at the top in the categories of India’s leading debit card market with 24% market share. The credit card company is known for their mass-market cards and customer service. SBI bank is represented in tier2/3 and rural markets.
ICICI bank – 16.2%
Being close behind SBI is ICICI bank. The card dominates the co-branded segment of credit cards especially through their Amazon collaboration. ICICI bank held a market share of 17% while it saw a dip by 1% in June. The current market falls at 16.2% as per the reports of October 2025.
Axis bank – 13.6%
Axis bank majorly stands out for their travel with reward rich credit cards. Axis bank has a current share of 13.6% in the credit card market. Many frequent travellers opt for this card, bringing in high demand for the card. The acquisition of Citi’s India cards portfolio in 2024 further strengthened its position and urban presence.
Kotak Mahindra – 4%
On the other hand, Kotak Mahindra is one of the fastest growing mid-sized banks in the sector. They are noted for their fintech partnerships and co-branded launches with various tech giants.
Kotak Mahindra saw a massive decline of 13% in the market, currently holding a market share of 4% in the credit card market. Earlier in February 2025, the ban on Kotak Mahindra was lifted by the Reserve Bank of India (RBI) which was imposed in April 2024 due to an IT shortage.
RBL bank – 3.9%
The RBL bank cards are known for their lifestyle-focused cards that are popular among the Gen Z and urban users. RBL bank had launched LUMIERE and NOVA credit cards in November 2025, exclusively designed for their premium customers. RBL bank witnessed a de-growth of 14% on a year-on-year basis. RBL bank owns a market share of 3.9%.
Also Read: Axis Atlas vs IndusInd Avios Infinite: Which is Best Travel Credit Card for 2026?
Bikram Singh, the Business Head-Credit cards told the media, “The negative growth in credit card segment is because the lender let go of some of its co-branded partnerships including Bajaj Finance, the credit card issuance by FY26 ending should reach 100-150 Cards per month.”
HDFC bank recorded the highest year-on-year growth of 12%, followed by SBI and Axis bank at 9% and 5% respectively. Both the banks hold a share of 19% and 13.6% respectively in the market. ICICI bank had a year-on-year growth of 4%.
Other credit card companies like IDFC First bank, IndusInd bank, Bank of Baroda and Yes bank own a market share of 3.6%, 2.8%, 2.6% and 2.4% respectively. Other banks that expand more on a global scale and have their shares in the Indian market hold about 8% of the shares.
Quick Reference Table
| Bank | Market Share (%) | Unique Strength |
| HDFC Bank | 22.3% | Premium, reward-rich, all-India presence |
| SBI Card | 19% | Rural & urban reach, mass-market products |
| ICICI Bank | 16.2% | Co-brands, strong digital innovation |
| Axis Bank | 13.6% | Urban, travel rewards, Citi acquisition |
| Kotak Mahindra Bank | 4% | Fast digital, fintech partnerships |
| RBL Bank | 3.9% | Lifestyle/Niche, Gen Z focus |
| IDFC FIRST Bank | 3.6% | Premium, dining/travel, customization |
| IndusInd Bank | 2.8% | Lifetime free, UPI-linked, value offers |
| Bank of Baroda | 2.6% | Premium/professional, metro city base |
| YES Bank | 2.4% | Digital, UPI, fintech alliances |
In conclusion
Choosing the right credit cards is not only about the financial perks and the rewards that are earned, but it also means choosing a bank with strong and transparent service-oriented offerings. The Indian credit card market is set for a more vibrant growth in the coming years as private banks continue to reinvent the partnerships with tech giants to reshape the spending habits of the cardholders.
Written by Atin Kevin
