Credit card use is booming in India! With a third more cards being used annually, the number is rising quickly. As of February 2024, India had over 100 million credit cards, a significant increase from the 99.5 million that existed in February 2023.
The credit card business has seen several new advancements and changes due to the growth of digital space and the acceptance of contactless payment. You may make large purchases using credit cards, receive rewards, and take advantage of many other benefits.
There is still room for expansion in the credit card market because there are only about 5.5 cards per 100 citizens in the nation—a very low number compared to countries like the USA. Furthermore, it is believed that the number would increase even further because the RBI announced the integration of credit cards with UPI.
Additionally, credit cards are seeing competition from the emergence of e-wallets and Buy Now Pay Later alternatives. Yet, a number of card issuers continue to provide an excellent selection of cards that will undoubtedly draw in new clients.
Credit Card Companies in India
Below is a list of some of India’s biggest and most well-known credit card issuers. These companies offer the Best Credit Cards in various categories, such as shopping, travel, entertainment, and lifestyle.
HDFC Bank
Mumbai serves as the home base for HDFC Bank, a key player in the country’s credit card industry. The bank provides a large selection of credit cards, ranging from super-premium to premium to basic. It is the world’s fourth-largest bank by market capitalisation. In India, HDFC Bank has more than 2 crore active credit cards as of January 2024. The premium Infinia credit card was updated to the Metal edition by HDFC Bank, which brought in a large number of new consumers. The bank also offers several lovely co-branded cards. The bank also just introduced the brand-new Diners Back Metal Edition Credit Card. The bank now offers a number of excellent credit cards, including HDFC Infinia, Diners Club Black, Millennia, Moneyback+, and others.
Axis Bank
One of the best private banks in the nation, Axis Bank, provides a range of choices. With its headquarters in Mumbai, the bank has been regarded as one of the most reliable establishments since its founding in December 1993. Axis Bank is ranked third in credit cards, after SBI and HDFC. Axis Bank has a great selection of credit cards, with 1.35 crore currently in circulation, according to RBI figures from January 2024. The bank offers super-premium cards called Axis Bank Magnus and Reserve, and its portfolio also includes co-branded travel, gas, and retail cards. The Axis Bank Magnus Credit Card or the Axis Bank Burgundy Private Credit Card are options for exclusive perks.
ICICI Bank
ICICI Bank, one of India’s top credit card issuers, has an assortment of fantastic credit card alternatives that enable customers to make large purchases and pay for them in convenient installments, in addition to earning points and cash back. ICICI Bank offers an excellent selection of credit cards in all key categories: travel, retail, gasoline, leisure, eating, and more. The bank has more than 1.67 crore credit cards in the nation as of January 2024, and it has partnered with the largest loyalty program in India to provide users with reward points. The issuer’s top credit cards include ICICI Bank Rubyx, ICICI Bank HPCL Super Saver, ICICI Bank Emerald, ICICI Bank Sapphiro, and Amazon Pay ICICI Bank Card.
SBI Bank
With more than 1.86 crore cards in circulation at present, SBI Card is a prominent credit card issuer in India. They provide a wide range of credit cards to meet your demands, whether they are for daily transactions, vacation, or shopping. SBI Card is the only publicly traded card issuer in the nation, with its headquarters located in Gurgaon, Haryana. The Carlyle Group acquired a share of SBI Card in December 2017 after GE Capital and State Bank of India launched the product in 1998. In addition, it is the only stock market-listed corporation that solely offers credit cards. The company recently introduced a variety of co-branded credit cards, such as the Reliance SBI Card and Reliance SBI Card Prime.
American Express
Premium credit cards with tons of features for travel, shopping, and entertainment are available from American Express. American Express, a US-based card issuer, is well-known worldwide for its line of premium credit cards. When it entered the Indian market in 1993, American Express (AmEx) quickly rose to the top of the country’s credit card rankings. It also serves as a network for card processing and provides cards to other issuers, including ICICI Bank and IndusInd Bank. More than 13.6 lakh American Express credit cards were in use nationwide as of September 2023. The Platinum Charge Card, Gold Charge Card, Platinum Travel Credit Card, SmartEarn Credit Card, and other cards are among the best that American Express offers.
IDFC FIRST Bank
One of the most recent issuers in the Indian credit card industry, IDFC First Bank was created in December 2018 through the merger of Capital First Bank and IDFC Bank. It entered the market in 2021 and developed credit cards for mass-market and high-end consumers. The first four credit cards issued by IDFC First Bank were introduced in January 2012; they came with many unique features and advantages and were free for life. These comprised the credit cards known as First Millennia, First Select, First Wealth, and First Classic. These days, IDFC Bank has expanded its selection and teamed up with Club Vistara and HPCL to provide co-branded cards to its clientele. For a card issuer that only launched in 2021, IDFC First Bank already has more than 19.1 lakh active cards nationwide, an astounding number.
IndusInd Bank
April 1994 was the official opening of IndusInd Bank by Manmohan Singh, who was then India’s Finance Minister. The bank has its headquarters in Mumbai. The bank is named after the Indus Valley Civilization and is one of India’s top private-sector banks. IndusInd Bank offers credit cards based on the demands and specifications of each individual customer. These cards offer spend-based perks as well as fantastic rewards to its customers. The bank has around 27 lakh credit cards nationwide as of January 2024. The Pioneer Heritage and Indulge credit cards are the most expensive options among the issuer’s more than fifteen cards. By paying their energy bills, insurance premiums, rent, and other expenses, cardholders can accrue reward points. The IndusInd Bank ePay Amex Credit Card is a virtual credit card that the bank also introduced in 2023.
Kotak Mahindra Bank
With its headquarters in Mumbai, Kotak Mahindra Bank is the third-biggest private sector bank in the nation based on market value. Numerous credit cards with various perks and incentives are available from Kotak Mahindra Bank. The bank has around 59 lakh active credit cards nationwide as of January 2024. The bank has added many new clients in the previous year and a half. The Kotak 811 #DreamDifferent card is one of the greatest selections available for credit cards that are intended for beginners. This is a fantastic alternative for those new to using credit cards. It provides advantages such as gasoline, movie, and meal savings. The issuer also offers the PVR Kotak Gold card, IndianOil Kotak credit card, Myntra Kotak credit card, Kotak White Reserve card, and other popular cards.
AU Bank
AU Small Finance Bank Limited was established in 1996 as an auto finance firm headquartered in Jaipur, Rajasthan. On April 19, 2017, it was converted into a small finance bank. Numerous credit cards from AU Bank are available with fantastic incentives, deals, and savings. The bank also introduced the first credit card that could be customized in India. This bank is present in over fifteen Indian states. With AU Bank, you may obtain lifetime free credit cards and the premium range. Secure transactions are given priority at AU Bank, thanks to features like tokenization and fraud protection.
RBL Bank
Mumbai-based RBL Bank is a private bank that, although smaller than some other banks, offers a range of credit cards. They now participate in the Indian market, with over 3.9 million active cards (as of June 2022). It offers an amazing selection of credit cards. This explains why RBL Bank has more than 51 lakh credit cards now in use nationwide. The bank prioritizes its clients and provides outstanding advantages with its credit cards. While other well-known cards like the RBL Bank Edition, RBL Bank Shoprite, BookMyShow RBL Bank Play credit card, and others have fees associated with foreign exchange markups, the RBL Bank World Safari does not.
Bank of Baroda
The second-biggest public sector bank in India, Bank of Baroda, has its headquarters in Vadodara. Under the name BoB Financial, the bank provides its credit card services. It provides a variety of premium and basic credit cards and several special credit cards across many categories, enabling everyone to obtain a card that meets their needs.
Numerous incentives, like minimal membership fees, a high rewards rate, and welcome benefits, are included with BoB credit cards. There were just 6 lakh active credit cards in the nation before July 2021, but as of right now, Bank of Baroda has over 23 lakh active credit cards. BoB Financial’s popularity may be attributed to its fantastic co-branded cards with IRCTC and HPCL. It also provides a variety of special cards for government workers, members of the military forces, etc. The issuer’s top cards include BoB Eterna, BoB Premier, BoB Select, etc.
Yes Bank
Although the Bank has had difficulties, it is still a significant participant in the Indian banking industry. Mumbai is home to Yes Bank’s headquarters, established in 2004. Before the RBI imposed a 30-day suspension on the Bank at the start of 2020 owing to financial instability, it was one of the top private-sector banks in the nation. Consequently, SBI surpassed the Bank and obtained a thirty percent share. Yes Bank has a respectable selection of credit cards; as of January 2024, the Bank had about 19 lakh credit cards that were in use nationwide. Yes Bank First Exclusive, Yes Bank Wellness Plus, Yes Bank First Preferred, the customizable Yes Bank BYOC credit card, and other cards are among the issuer’s finest.
Standard Chartered Bank
The London-based Standard Chartered Bank has a subsidiary called Standard Chartered India. It was created when the Chartered Bank of India, Australia, and China amalgamated with the Standard Bank of British South Africa. The bank is the biggest foreign bank in India, having opened for business in 1858. The bank had over 10 lakh active credit cards nationwide in January 2024. The Standard Chartered DigiSmart Credit Card, which rewards you for your online shopping, and the Ultimate Credit Card, which provides unique advantages for foodies and golfers, are well-liked options.
HSBC Bank
After acquiring the Mercantile Bank of India, the country’s second-oldest foreign banking institution, HSBC began operations in India. HSBC offers three credit cards in the Indian market, a pretty small selection. By January 2024, around 6 lakh credit cards will be used nationwide. Currently, the Bank provides the Premier MasterCard Credit Card, HSBC Cashback, and HSBC HSBC Visa Platinum, most of which are accessible without a membership charge.
Federal Bank
Federal Bank is another significant private sector bank in the nation, with its main office in Kochi. The Bank has over 1,370 branches throughout various Indian states and over one crore customers. As of January 2024, more than 9.1 lakh Federal Bank credit cards were in use nationwide.
Citi Bank
As part of the American corporation Citigroup, Citibank India announced that it would no longer provide regular banking services in India and twelve other countries. However, it stands by its pledge to support its clients and intends to find a new buyer for its regular banking services. Axis Bank purchased Citibank India in March 2023. Currently, Citibank only provides its Indian clientele with eight credit cards. Citibank is the nation’s sixth-largest credit card issuer, with over 1.8 lakh active credit cards as of January 2024. Two of the Bank’s most well-liked credit card products in the Indian market are the Citi Prestige and Citi PremierMiles credit cards.
IDBI Bank
IDBI Bank is one of India’s most prominent commercial banks in the public sector. The Bank is a division of the Indian Life Insurance Corporation (LIC). In 2014, IDBI Bank entered the credit card industry. As of right now, the Bank has five credit cards available in India. As of September 2023, there were more than 30,000 active IDBI credit cards in the nation.
Union Bank of India
Another well-known public sector bank in the nation is Union Bank of India or UBI. When the bank merged with Corporation Bank and Andhra Bank in April 2020, it became the biggest PSU bank in terms of branches. As of September 2023, there were more than 7.2 lakh active UBI credit cards in the nation.
Canara Bank
Among the most significant public sector banks in the nation is Canara Bank. Founded in 1906, the bank was nationalized in 1963. In 2002, Canara Bank began offering credit cards. As of January 2024, the country had over 8 lakh active Canara Bank credit cards.
Punjab National Bank
Following State Bank of India (SBI), Punjab National Bank (PNB) is the nation’s second-biggest public sector bank. In April 2021, the United Bank of India and Oriental Bank of Commerce amalgamated to form Punjab National Bank (PNB). 2018 saw PNB mired in controversy due to the bank’s disproportionately high NPA accumulation. In collaboration with the RuPay and Visa networks, Punjab National Bank offers credit cards. This implies you have plenty of options to select a card that meets your demands. More than 5 lakh PNB credit cards were in use in the country as of January 2024.
Fintech Cards
Fintech businesses issue Fintech cards rather than conventional banks or financial institutions. They are entering the credit card industry by issuing dynamic credit cards as the sector increases. With their understanding of financial technology, these businesses can soon lend money to customers to enable them to make a range of purchases and achieve financial independence.
Non-banking financial corporations (NBFCs) typically collaborate with fintech businesses to provide loans or credit. Fintech cards allow users to effortlessly manage their funds when making payments.
Fintech Cards come with tons of benefits, such as amazing incentives, cutting-edge designs, and increased security. We have listed here the Fintech Cards that are most well-liked in India.
The Federal Credit Card from Scapia
When you make travel reservations on Scapia, you may use this card to get 20% Scapia Coins. Get 10% Scapia Coins for every additional expenditure that qualifies. When you spend Rs. 5,000 monthly, you also receive unrestricted access to domestic lounges as a milestone perk. The Federal Bank introduced this Fintech Credit Card in collaboration with Scapia.
Magnet Credit Card backed by FD
SBM Bank has introduced a unique credit card called the Magnet Credit Card. It is only offered on ZET and is given out based on your fixed deposit amount. You can use this card to make regular purchases without taking money from your designated deposit. Furthermore, fixed deposits made with the Magnet Credit Card can earn a great interest rate of up to 7%. This card is considered an excellent choice for anybody looking to build credit or improve their credit score, and it is free for life.
OneCard Credit Card
You can quickly obtain credit with One Card, which enables you to conduct quick transactions. Banks, including Federal Bank, SBM Bank, BOB Bank, CSB Bank, and South Indian Bank, collaborate with us. The One Card has no annual or membership fees, and you may earn fantastic benefits.