Credit Card Spends Rise 13.57% in FY26 So Far on Festive Push, Online Buys

India’s credit card spends are rising again, led by e-commerce, higher usage frequency, and seasonal buying. Lenders are watching delinquencies closely.

Credit card spending in India climbed 13.57% YoY to ₹17.65 trillion during April-December FY26, up from ₹15.54 trillion a year ago, as per a Business Standard report updated on January 27, 2026.

Consumers spent more online than at stores, and December closed with a clear rebound. Alongside spends, the outstanding card base expanded to 115.78 million in December 2025, up 7.14% YoY, pointing to both deeper penetration and higher activity per user.

The Issue Snapshot: Demand Up, Ticket Size Mixed

The headline is simple: spending is up, but the pattern is changing. In December 2025, spending crossed ₹2.05 trillion, while transaction volumes grew far faster than value, signalling more frequent swipes and smaller baskets.

A Business Standard report updated on January 28, 2026 pegged December transactions at 537 million, up 24.2% YoY, even as spend growth stayed in single digits. Online purchases continue to dominate the mix, and lenders are increasingly selective about whom they issue cards to.

A quick FY26 (so far) scoreboard helps.
 

These figures were published by Business Standard (updated January 27, 2026) and also summarised by Angel One(updated January 28, 2026).
 

Online Leads, December Crosses ₹2 Trillion Again

December brought a rebound after November softness. Business Standard (updated January 27, 2026) reported December 2025 spending rose 9.04% YoY to ₹2.05 trillion, and was also higher than ₹1.89 trillion in November 2025.  Within December, offline usage stayed strong but lagged online: PoS value rose 7.43% YoY to ₹78,476.48 crore, while e-commerce rose 9.8% YoY to ₹1.26 trillion.

The Economic Times report dated January 27, 2026 also described the December rebound at roughly 8% YoY and 8% MoM to ₹2.05 lakh crore, alongside net new card additions crossing 900,000 and cards-in-force at 115.7 million. 

Here is how December looked, in one view.

This table combines figures reported by Business Standard (updated January 27, 2026 and January 28, 2026) and The Economic Times (dated January 27, 2026).

What Led Here: Festive Swings, November Cooling, Lending Caution?

The build-up through late 2025 shows a classic festive spike followed by cooling, then a December bounce. A CareEdge Ratings note dated January 7, 2026 said November 2025 spending rose 11.5% YoY but fell 11.8% sequentially to ₹1.89 lakh crore, as post-festival discretionary purchases normalised.

The New Indian Express also reported on January 7, 2026 that November spends were ₹1.89 trillion, down 11.9% MoM, and flagged that private sector banks held a 73.8% share of spending in November. It further noted online transactions accounted for about 60% of total transactions in November, underlining the digital tilt. 

On the lending side, Loans Jagat (dated December 17, 2025) cited TransUnion CIBIL data saying new credit card originations fell about 15% YoY in the September 2025 quarter, even as usage stayed high.
 

What Stakeholders Are Saying?

On January 27, 2026, The Economic Times quoted Sweta Padhi of IDBI Capital saying spending momentum could stay steady on residual festive demand and stable consumption trends, with banks focusing on calibrated growth and higher activation. The same report quoted Kotak Mahindra Bank CEO Ashok Vaswani describing card growth as “brick by brick” and calling for caution while planning promotions to lift issuance and spends. 

Meanwhile, Reuters (July 25, 2025) flagged stress in the segment, reporting gross write-offs up 32% to ₹12.80 billion at SBI Card in Q1, despite spending rising.

Conclusion

Spends are rising, driven by online purchases and higher transaction volumes. Lenders are pushing growth, but with tighter filters as credit costs remain in focus.