Credit card additions hit second-highest monthly level in 2026 as banks gear up for festive season

Mumbai: Indian lenders, led by HDFC Bank and Axis Bank, added 1.26 million net credit cards in September, the second-highest monthly addition this calendar year, as financiers expanded card portfolios ahead of the prime festive season, latest Reserve Bank of India (RBI) data showed.

July was only marginally ahead in net additions, at 1.27 million.

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HDFC Bank and Axis Bank together accounted for nearly 43% of the net additions during September, adding 539,878 cards between them. The two private sector lenders emerged as the largest contributors to fresh additions, followed by SBI Cards.

Growth in card additions was relatively muted at ICICI Bank and Kotak Mahindra Bank in September.

The momentum was also visible in quarterly numbers. Banks added 3.72 million net credit cards during the July-September quarter, an increase of nearly 47% from 2.54 million in the corresponding period last year. This was also 26% higher than the 2.96 million cards added in the April-June quarter, indicating that banks have been expanding their credit card portfolios more aggressively during the months leading into the festive season.

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Among individual lenders, HDFC Bank led September additions with 280,353 cards, more than double the 122,669 cards added in August. Axis Bank followed closely, adding 259,525 cards, nearly eight times its August additions of just 32,789.

SBI Cards added 208,026 cards, compared with 193,294 in August.

Bank of Baroda added 114,083 cards, while Slice Small Finance Bank and Federal Bank added 89,794 and 81,753 cards, respectively.