Credit Card Issuer
In June 2022, the RBI reported that the total number of credit cards in the country was 7.87 crores; by September 2023, that figure had risen to over 9 crores. The credit card industry is one of the most promising in the nation, and the number of credit cards in India is growing steadily every year. The Compounded Annual Growth Rate (CAGR) of credit cards is expected to soar between the financial years 2022 and 2027.
Although there has been an increase of over 1 crore credit cards in the last year, there is still room for growth in the credit card market because the country has only 5.5 cards per 100 people, a relatively low rate when compared to other nations such as the USA. Additionally, the number of credit cards is expected to rise further since the RBI announced that credit cards would now be linked to UPI.
Additionally, credit cards are seeing competition from the emergence of e-wallets and Buy Now Pay Later options; yet a number of card issuers continue to offer a wide range of cards that surely will bring in new customers.
In India, the top credit card issuers are listed below. Their portfolios include a variety of credit cards, and they offer the Best Credit Cards in every category—shopping, travel, lifestyle, entertainment, and much more.
HDFC Bank:
Based in Mumbai, HDFC Bank is the biggest private sector bank in India with assets of over Rs. 1.88 trillion, making it the 4th biggest financial institution in the world by market capitalization. As of September 2023, the bank had over 1.88 crore active credit card users in India. It offers a number of attractive co-branded credit cards and even upgraded the premium Infinia credit card to the Metal version, which brought in a lot of new customers. The bank also recently introduced the new Diners Back Metal Edition Credit Card.
ICICI Bank:
The best credit cards offered by the issuer include ICICI Bank Emeralde, ICICI Bank Sapphiro, Amazon Pay ICICI Bank Card, ICICI HPCL Super Saver, ICICI Bank Rubyx, and more. As of September 2023, ICICI Bank had over 1.88 crore credit cards in the country and, thanks to its partnership with PAYBACK, India's largest loyalty program, offers reward points to customers. ICICI Bank is the country's second-largest private sector bank in terms of market capitalization and revenue.
AXIS Bank:
Axis Bank is the third largest private sector bank in India, trailing only ICICI Bank and HDFC. With its headquarters located in Mumbai, the bank has established itself as one of the most reliable establishments since its founding in December 1993. In terms of credit cards, Axis Bank is ranked third, behind SBI and HDFC. Based on RBI records from September 2023, the bank has 1.31 crore credit cards in circulation, an excellent selection of cards, including the super-premium Axis Magnus and Reserve. It also offers a portfolio of co-branded travel, fuel, and shopping cards, some of the most popular in India.
SBI Bank:
With over 1.78 crores of active credit cards, SBI Card is the nation's only publicly listed credit card issuer, leaving behind only HDFC Bank in terms of size. The Carlyle Group acquired a stake in the company in December 2017. SBI Card was launched in 1998 by GE Capital and State Bank of India. Its headquarters are in Gurugram. Top credit cards from the issuer include SBI Aurum, SBI Elite, SBI SimplyCLICK, Air India SBI Signature, IRCTC SBI Premier, and more. It is also the only pure credit card company listed on the stock market. Lately, it also introduced a line of co-branded credit cards with Reliance, including Reliance SBI Card and Reliance SBI Card Prime.
IDFC FIRST Bank:
One of the newest issuers in the Indian credit card market, IDFC First Bank was created by the merger of Erstwhile Capital First Bank and IDFC Bank in December 2018. It began offering credit cards in January 2012 with the First Select, First Millennia, First Wealth, and First Classic credit cards, all of which were lifetime-free. Since then, the bank has added a few more options and has partnered with Club Vistara and HPCL to offer co-branded cards to its customers. As of right now, IDFC First Bank has more than 19.1 lakh active cards in India, which is a remarkable number for a company that was founded in December 2018.
American Express:
As of September 2023, American Express had over 13.6 lakh active credit cards in India. Its top cards include the Platinum Charge Card, Gold Charge Card, Platinum Travel Credit Card, and SmartEarn Credit Card. American Express, a US-based card issuer, is well-known worldwide for its premium credit card range. It is also a card processing network and offers cards with other issuers like ICICI Bank, IndusInd Bank, and more.
IndusInd Bank:
Among the best private-sector banks in India, IndusInd Bank is based in Mumbai and was inaugurated in April 1994 by Manmohan Singh, the country's Finance Minister at the time. The bank's name is inspired by the Indus Valley Civilization, and as of September 2023, it had over 25 lakh credit cards in circulation nationwide. The issuer had over 15 cards in its portfolio, the most premium being the Pioneer Heritage and Indulge credit cards; other well-liked cards were Celesta, EazyDiner IndusInd Bank card, Club Vistara IndusInd Bank Explorer card, and more. In addition, the bank launched a virtual credit card in 2023 called the IndusInd Bank ePay Amex Credit Card.
AU Bank:
Founded in 1996 as an automobile financier, AU Small Finance Bank Limited changed its name to a small finance bank on April 19, 2017, and as of September 20, 2023, it had over 7 lakh active credit cards nationwide. The bank is present in more than 15 states and offers both premium range and lifetime free credit cards. AU Bank has a great array of credit card offerings, many of which offer great rewards, offers, and discounts. The bank also launched India's first customizable credit card.
YES Bank:
Established in 2004 and based in Mumbai, Yes Bank was once considered one of the top private sector banks in India. However, due to financial instability, the Reserve Bank of India imposed a 30-day moratorium on the bank at the start of 2020. This led to the State Bank of India acquiring a 30% stake and taking control of Yes Bank. Despite these challenges, Yes Bank offers a good selection of credit cards and, as of September 2023, has approximately 16 Lakh active credit cards in the country. Some of its best offerings include the Yes Bank First Exclusive, Yes Bank Wellness Plus, Yes Bank First Preferred, and the customizable Yes Bank BYOC credit card, among others.
Kotak Mahindra Bank:
Based in Mumbai, Kotak Mahindra Bank is the third largest private sector bank in India based on market capitalization. As of September 2023, the bank has over 55 lakh active credit card users nationwide. In the last year and a half, the bank has added a significant number of new customers. The Kotak 811 #DreamDifferent card is one of the best options available for entry-level credit cards. Other outstanding credit cards from the issuer include the Myntra Kotak credit card, the IndianOil Kotak credit card, the PVR Kotak Gold card, the Kotak White Reserve card, and some others.
FEDERAL Bank:
As of September 2023, there were over 7.3 lakh active Federal Bank credit cards in the nation. Federal Bank is another significant private sector bank in the nation with its headquarters located in Kochi. The bank boasts over 1,370 offices throughout various states in India and over one crore customers.
Standard Chartered Bank:
A London-based subsidiary of Standard Chartered Bank, the bank was established in 1958 through the merger of the Standard Bank of British South Africa and the Chartered Bank of India, Australia, and China. With approximately 10 lakh credit cards in circulation as of September 2023, the bank is the largest foreign bank in India. Notable credit cards from the issuer include the Rewards Credit Card, Ultimate Credit Card, Platinum Rewards Credit Card, and more.
HSBC Bank:
After taking over the Mercantile Bank of India, HSBC began operations in India and is currently the second-oldest foreign banking institution in the country. HSBC offers three credit cards in the Indian market, and by September 2023, there will be about 6 lakh credit cards in use in the country. The bank currently offers the Premier MasterCard Credit Card, HSBC Cashback, and HSBC HSBC Visa Platinum, the majority of which come with no joining fee.
CITI Bank:
With just eight credit cards available to Indian consumers as of September 2023, Citibank is the sixth-largest credit card issuer in the nation with over 1.7 lakh active credit cards. Citi Prestige Credit Card and Citi PremierMiles Credit Card are two of the bank's most well-known offerings in the Indian credit card market. Citibank India, also known as Citi India, is a subsidiary of the US-based multinational financial conglomerate Citigroup. Axis Bank acquired Citibank India in March 2023.
RBL Bank:
The RBL Bank, formerly known as Ratnakar Bank, was founded in 1943 and has its headquarters in Mumbai. Although it is a smaller private sector bank than some of its competitors, it still has an impressive portfolio of credit cards, which explains why it has over 48 lakh active credit cards in the nation. The bank prioritizes its customers and provides great benefits with its cards; among the most well-liked are the RBL Bank World Safari credit card, which does not charge a forex markup fee, as well as the RBL Bank Edition, RBL Bank Shoprite, BookMyShow RBL Bank Play credit card, and more.
Bank of Baroda:
Bank of Baroda, the second largest public sector bank in India, is based in Vadodara. It merged with Dena Bank and Vijaya Bank in September 2018. The bank’s credit card services are provided through BoB Financial. As of July 2021, it had 6 Lakh active cards, but that number has since grown to over 21 Lakh. The bank’s popularity is largely due to its excellent co-branded cards with IRCTC and HPCL. It also provides exclusive cards for the armed forces and government employees. Some of the top cards offered by the bank include the BoB Eterna, BoB Premier, and BoB Select.
Punjab National Bank:
After the State Bank of India (SBI), Punjab National Bank (PNB) is the nation's second-largest public sector bank. It was formed in April 2021 by the merger of Oriental Bank of Commerce and the United Bank of India. In 2018, PNB faced controversy over excessive non-performing assets (NPAs) that it had accumulated. PNB offers credit cards in collaboration with RuPay and Visa networks; as of September 2023, the bank had over 4.1 lakh active PNB credit cards.
IDBI Bank:
One of the largest commercial banks in India's public sector, IDBI Bank is a subsidiary of the Life Insurance Corporation of India (LIC). The bank began offering credit cards in 2014 and as of September 2023, there were over 30,000 active IDBI credit cards in the nation. IDBI Bank currently offers five different credit cards.
Union Bank of India:
Another well-known public sector bank in the country is Union Bank of India, or UBI. Following its merger with Corporation Bank and Andhra Bank in April 2020, the bank grew to become the largest PSU bank in terms of branches; as of September 2023, there were more than 7.2 lakh active UBI credit cards nationwide.
Canara Bank:
Founded in 1906 and nationalized in 1963, Canara Bank is one of the biggest public sector banks in the nation. The bank began offering credit cards in 2002, and as of September 2023, there were more than 8 lakh credit cards with Canara Bank in circulation nationwide.
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