The credit card industry in India has seen impressive growth in recent years, with a CAGR of 33% between 2015 and 2021. This growth continues, with a CAGR of 39.22% projected between 2022 and 2027. The SBI Card IPO in 2020 was oversubscribed over 26 times, demonstrating the increasing popularity of credit cards among Indian consumers. Despite this growth, there is still significant room for expansion in the market, with only 5.5 credit cards for every 100 people in the country. The increased purchasing power of Indian consumers boosts further growth in the credit card industry as the economy revives.
While credit cards remain a popular payment method, they face competition from other digital platforms such as e-wallets and buy now pay later options. Credit cards are easy to link with UPI, further increasing consumer appeal. Despite this competition, monthly spending per card has continued to grow, reaching Rs. 14,500 between February 2021 and March 2022. India’s credit card industry will continue its growth trajectory as more consumers adopt this popular payment method.
Are you looking for the best credit card in India? With so many available options, choosing the one that suits your needs can be overwhelming. Don’t worry; we have got you covered! Here is a list of the top credit card issuers in India for 2023 that offer a variety of credit cards for every category:
List Of Credit Card Issuers In India
HDFC Bank: Credit Cards
HDFC Bank continues to be India’s largest credit card issuer, with over 1.76 crore active credit cards as of June 2022. The Bank faced a short ban by RBI in 2020 but has bounced back with a bang. It has launched new co-branded credit cards with Paytm and Emirates and updated its popular Infinia card to Infinia Metal Edition. HDFC Bank’s most popular credit cards include HDFC Bank Infinia Credit Card, HDFC Bank Diners Club Black Credit Card, HDFC Bank Regalia Credit Card, and HDFC Bank Millennia Credit Card.
SBI Card: Credit Cards
SBI Card is India’s second-largest credit card issuer, with over 1.4 crore active credit cards as of June 2022. The company launched its IPO in 2020 and is now the only listed company in the credit card market. SBI Card offers various credit cards, including the SBI Elite Credit Card, Air India SBI Signature Credit Card, SBI SimplyCLICK Credit Card, and IRCTC SBI Premier Credit Card.
IDFC FIRST Bank: Credit Cards
IDFC FIRST Bank is the latest player in the credit card space. The Bank entered the market in 2021 with four credit cards: FIRST Millennia, FIRST Classic, FIRST Select, and FIRST Wealth credit cards. As of June 2022, IDFC First Bank has over 9.6 lakh active credit cards in the country. The unique feature of these credit cards is that all four cards come with zero annual membership fees and still offer a decent reward rate. Earlier, the application for IDFC credit cards was open exclusively for IDFC FIRST account holders, but the Bank opened applications for all in August 2021.
Bank of Baroda: Credit Cards
Bank of Baroda is the fourth largest nationalized Bank in India. With the merger of Vijaya Bank and Dena Bank in 2018, the Bank of Baroda has become a force to reckon with in the Indian banking industry. The Bank currently has over 13 lakh active credit cards in the country, which has doubled in just one year. One of the reasons behind this surge in popularity might be the launch of co-branded credit cards in partnership with HPCL and IRCTC. The Bank offers various credit cards, including the Bank of Baroda Eterna Credit Card, Bank of Baroda Select Credit Card, and Bank of Baroda Premier Credit Card, all offering attractive discounts and cashback on online spending.
ICICI Bank: Credit Cards
ICICI Bank is India’s second-largest private sector bank in revenue and market capitalization, with over 1.35 crore active credit cards as of June 2022. The Bank holds a market share of 17.98% in the credit card industry. ICICI Bank offers credit cards for various categories like travel, shopping, movies, and dining. The Bank has partnered with PAYBACK, India’s most extensive loyalty program, to process reward points. Some popular credit cards by ICICI Bank include ICICI Bank Emerald Credit Card, ICICI Bank Sapphiro Credit Card, ICICI Amazon Pay Credit Card, and ICICI Bank HPCL Super Saver Credit Card, which is the latest co-branded fuel credit card by the Bank.
Citibank: Credit Cards
Citibank India is a subsidiary of the US-based multinational financial conglomerate Citigroup. The Bank has recently announced that it will exit the retail banking business in India along with 12 other countries. However, the Bank has assured its customers that it will continue serving them and look for a potential buyer to sell off its retail business. Citibank currently offers eight credit cards to its Indian customers and has over 25 lakh active credit cards as of June 2022. Citi Prestige Credit Card and Citi PremierMiles Credit Card are two of the most popular offerings by the Bank in the Indian credit card market.
RBL Bank: Credit Cards
RBL Bank is a relatively more minor private sector bank headquartered in Mumbai. However, the Bank has made significant strides in the Indian credit card market and has over 39 lakh active credit cards as of June 2022. The Edition credit card by RBL Bank, launched in partnership with Zomato, is one of the best dining credit cards in the Indian credit card market. RBL Bank’s World Safari Credit Card is the only credit card in India with a zero foreign currency markup fee.
Kotak Mahindra Bank: Credit Cards
Kotak Mahindra Bank is one of India’s leading private-sector credit card issuers, with over 38 lakh active customers as of June 2022. The Bank’s credit cards offer various benefits and rewards, making them popular among customers. The Kotak 811 #DreamDifferent Credit Card is an excellent entry-level credit card with many benefits, including dining, movies, and fuel discounts. Kotak Mahindra Bank also offers co-branded credit cards in partnership with PVR, offering some of the best cards in India for movie benefits.
American Express: Credit Cards
American Express is a US-based credit card issuer known for its premium range of credit cards. With over 13 lakh active credit card customers in India as of June 2022, American Express offers credit cards in collaboration with other card issuers like ICICI Bank. The American Express Platinum Credit Card is a premium offering with a hefty annual membership fee of Rs. 60,000 per annum and offers many premium benefits and privileges. The American Express Platinum Travel Credit Card is another popular card in the travel category. American Express has its own offers and deals aggregator portal, Reward Multiplier, where you can earn AmEx Membership Rewards Points at an accelerated rate.
IndusInd Bank: Credit Cards
Founded in April 1994, IndusInd Bank is one of India’s prominent private sector banks, with over 2,000 branches and over 20 lakh active credit card customers as of June 2022. The Bank launched its credit card business in 2011-2012, offering a marquee lineup of premium credit cards. The Indulge credit card comes covered with a 22K gold inlay. In contrast, the Pioneer Heritage credit card is the first-ever metal credit card issued by any bank targeted towards ultra-rich high net worth individuals. The Bank also offers a range of co-branded credit cards, including the recently launched card in partnership with EazyDiner, which provides the best dining benefits.
HSBC Bank: Credit Cards
HSBC Bank is India’s second oldest foreign Bank and has operated in India since 1958. The Bank has a small catalog of credit cards, with just three cards in its portfolio. However, its credit cards offer various benefits, making them popular among customers. As of June 2022, around 8 lakh active credit cards are issued by HSBC Bank. HSBC Bank’s credit cards offer features like zero liability on lost cards, welcome rewards, and reward points for every transaction.
Yes Bank: Credit Cards
Yes, Bank has had a tumultuous history but it remains a significant player in the Indian banking sector. As of June 2022, there are around 12 lahks active Yes Bank credit cards in the country. Despite its past struggles, Yes Bank has a range of credit cards that offer great benefits. Some popular cards include the Yes First Exclusive Credit Card, which offers exclusive travel and dining benefits, and the Yes Prosperity Rewards Plus Credit Card, which rewards you for everyday spending.
Axis Bank: Credit Cards
Axis Bank is India’s third-largest private-sector financial institution and has over 97 lakh active credit cards (as of June 2022). If you’re looking for a premium credit card, Axis Bank has you covered with its Axis Bank Burgundy Private Credit Card and Axis Bank Magnus Credit Card. Axis Bank also offers some of the best credit cards for travel, with its Vistara Infinite card being one of the best for domestic frequent flyers. The Flipkart Axis Bank Credit Card is another popular card for those who love to shop online.
Standard Chartered Bank: Credit Cards
Standard Chartered Bank is India’s most significant foreign banking institution in terms of the branch network and the number of employees. As of June 2022, Standard Chartered Bank has over 13 lakh active credit cards. The Bank offers a wide range of credit cards, from travel to shopping and lifestyle to premium. Some popular cards include the Standard Chartered DigiSmart Credit Card, which gives rewards for online spending, and the Ultimate Credit Card, which has exclusive dining and golfing benefits.
IDBI Bank: Credit Cards
Are you looking for a credit card from a reliable public-sector bank? IDBI Bank, a subsidiary of the Life Insurance Corporation of India, offers five credit cards that cater to the diverse needs of their customers. IDBI Bank has covered you whether you’re a frequent traveler, shopping enthusiast, or looking for rewards on every purchase. As of June 2022, there are over 41,000 active IDBI credit cards in the country.
Union Bank of India: Credit Cards
Union Bank of India is a top public sector bank in India. Following its merger with Corporation Bank and Andhra Bank in April 2020, UBI became the largest PSU bank in terms of the number of branches. UBI offers a range of credit cards that cater to the needs of all types of customers, from cashback on shopping to reward points on travel. As of June 2022, there are over 5.5 lahks active UBI credit cards in the country.
Canara Bank: Credit Cards
Established in 1906, Canara Bank is one of India’s largest public sector banks. Canara Bank entered the credit card business in 2002 and currently offers a range of credit cards that cater to different customer needs. Whether you’re looking for a premium travel card or a card offering cashback on every transaction, Canara Bank has covered you. As of June 2022, there are over 9.2 lahks active Canara Bank credit cards in the country.
Punjab National Bank (PNB): Credit Cards
If you’re looking for a trusted public sector bank that offers credit cards, PNB might be the one for you. With the merger of the Oriental Bank of Commerce and the United Bank of India, PNB has become India’s second-largest public sector bank. PNB issues credit cards in partnership with RuPay and Visa networks, making it a convenient option for those looking for various credit card options. As of June 2022, the country has over 3.3 lahks active PNB credit cards.
Federal Bank: Credit Cards
Federal Bank is an excellent option for those who prefer private sector banks. With a customer base of over 10 million and over 1,250 branches across India, Federal Bank offers a range of credit cards to suit different lifestyles and needs. As of June 2022, there are over 2.3 lahks active Federal Bank credit cards in the country. So, if you’re looking for a reliable and customer-friendly bank, Federal Bank might be the one for you. PNB and Federal Bank offer competitive interest rates and fees for their credit cards, making them popular choices among customers.
Conclusion:
The credit card industry in India has seen impressive growth in recent years, with a CAGR of 33% between 2015 and 2021 and a projected CAGR of 39.22% between 2022 and 2027. Despite significant growth, only 5.5 credit cards are available per 100 people in the country, indicating further room for expansion. The increased purchasing power of Indian consumers will drive further growth in the credit card industry as the economy revives. HDFC, SBI, IDFC FIRST Bank, and Bank of Baroda are some of India’s top credit card issuers, offering a range of credit cards for different categories.
