Credit card spending in India touched an all-time high of ₹2.17 lakh crore in September 2025 — the highest in the past five years — marking a 23% year-on-year (y-o-y) and 13% month-on-month (m-o-m) rise, according to data analysed by CareEdge Ratings.

The surge was driven by festive season demand, increased card issuance, GST rate cuts on select consumer goods, and aggressive bank-led promotional offers.

While the expansion in spends remained strong, CareEdge noted that the growth was slightly below the 24% increase recorded in the same month last year, suggesting a moderation in momentum even amid robust consumption trends.

Private banks lead, but public lenders close the gap

Private sector banks (PVBs) continued to dominate India’s credit card market with a 74.2% share of overall spe

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