India has witnessed phenomenal changes in its financial system, whether we talk about regulations, plastic money, digital money, or the general way in which we handle our day-to-day transactions. From rummaging through our pockets for notes to simply clicking a few buttons on our phones, we have all come a long way.
A huge part of our financial revolution is plastic money. Credit cards have not only provided us with freedom by offering a simple line of credit, but they have also rewarded our spending. Even though there has been a dramatic and almost meteoric rise in the use of UPI, credit cards still play a significant role. The linking of RuPay credit cards to UPI applications like Google Pay is a testament to this.
In February of 2024, India officially crossed the mark of over 10 crore credit cards (100 million) in the country. This marked a milestone in the credit card revolution in India.
Now, a little over a year later, according to May 2025 data, the country has crossed the 11 crore mark. While credit cards are the norm in developed nations, our country lags. From having the first credit card issued by the Central Bank of India to now having a large variety of cards, we have all come a long way. Whether it is specific cards for fuel or co-branded credit cards like the Swiggy HDFC Bank Credit Card, there is a perfect card for everyone.
Key Highlights
Let’s have a look at a few figures.
- HDFC Bank is the largest card issuer in India, and it has over 2.42 crore credit cards. It was also the first to cross the two crore credit card mark.
- SBI Card has also crossed the two crore mark and currently has over 2.11 crore credit cards. As of now, SBI Card is the second-largest credit card issuer in India.
- Apart from HDFC and SBI, both ICICI Bank and Axis Bank have a large number of credit cards. ICICI Bank has over 1.82 crore credit cards, while Axis Bank has 1.50 crore.
Bottom Line
HDFC Bank has emerged as the leader in the credit card market in India with over 2.42 crore credit cards. This is surprising because one would consider SBI to be the favorite of the masses. Yet, due to its beneficial credit cards, HDFC has surpassed all the other issuers in the country. SBI closely follows HDFC Bank with 2.11 crore credit cards and ICICI Bank with 1.82 crore cards.
The rise in the use of credit cards can also be attributed to the younger generation. As awareness about the benefits of credit cards spreads, the numbers naturally increase. It’s also worth noting that credit cards with partnerships with popular brands have led many to experiment with cards, as they would receive benefits from their favorite brands. Whether Reliance, Swiggy, BookMyShow, or Titan, there is a wide range of co-branded cards.
