SBI Cards tops May acquisition race as Indian credit card issuance hits 120 Cr milestone

May's broader trend is striking: the industry issued over 1 million new credit cards in a single month, representing a 34% year-on-year jump. This acceleration reflects aggressive expansion strategies and deepening reach into tier-2 and tier-3 markets by major issuers.

The tension emerges when comparing issuance to spending. Despite adding cards at breakneck speed, credit card spending grew only 6.3% year-on-year in May. This divergence suggests Indian consumers are holding newly issued cards but deploying them cautiously—a sign of either saturation in high-spend segments or heightened consumer caution around discretionary credit.