The credit card segment is growing rapidly in India. A “credit card” is referred to as a physical or virtual payment instrument, issued with a pre-approved credit limit, which can be used to buy goods and services, draw cash advances, subject to terms and conditions.
With the advancement in digital space and adoption of contactless payment, a lot of new changes and developments have been also brought to the credit card industry. From smooth application processes to customized offers and rewards, credit card issuers are leaving no stones unturned to bring more and more innovation and awareness to this specific segment.
Here’s a read on the most popular credit card issuers in India which not only offer the top credit cards but they have something or the other for every category, such as, travel, dining, movies, shopping, lifestyle and many more. Let’s find a wide range of credit cards in the portfolio of these credit card issuers.
Key Credit Card Issuers in India
HDFC Bank is not only one of the largest private banks of India but also has the major market share in terms of credit cards offerings. As of September, 2022, HDFC Bank has approximately more than 1.70 crore active credit cards and thus it is regarded as the largest card issuer in the country. According to the RBI, HDFC Bank holds 28.4% market share in credit card spends as of July 2022.
The most popular HDFC credit card available in the market are:
- HDFC Bank Infinia Credit Card.
- HDFC Bank Diners Club Black Credit Card.
- HDFC Bank Regalia Credit Card.
- HDFC Bank Millennia Credit Card.
- HDFC Bank Diners Club Privilege Credit Card.
- HDFC Bank MoneyBack Plus Credit Card.
For more details read our story on Best HDFC Credit Cards.
State Bank of India (SBI) Cards
The State Bank of India (SBI) is one of the largest public sector banks of India which issues cards and other payment services under SBI Card. SBI Card is a non-banking financial company of the (SBI) and had its initial public offering in 2020.
It is one of the second largest card issuers of India, which offers a multiple variety of cards from lifestyle, rewards, shopping, travel and fuel to business cards. SBI customers also enjoy its huge network which is present all around the world.
The most popular SBI credit cards available in the market are:
- SBI Elite Credit Card.
- SBI Card PRIME.
- SBI Simply Click Card.
- BPCL SBI Card.
- SBI Simply SAVE Card.
- BPCL SBI Credit Card.
For more details read our story on Best SBI Credit Cards.
Axis Bank is the third-largest credit card issuer in the country after HDFC Bank and SBI Card. Post its merger with CitiBank, Axis Bank has acquired Citi’s affluent and premium credit card business along with other specific operations.
From entry-level to business class category, Axis Bank issues a huge range of credit cards as per the needs and requirements of its customers. Certain credit cards offered by the bank are suited for frequent shoppers, some are for movie goers, and others are for avid travelers. Axis credit cards also offer a variety of benefits, such as fuel surcharge waivers, concessions on dining and shopping, complimentary movie tickets, zero cost access to domestic and international airport lounges.
The most popular Axis Bank credit card available in the market are:
- Axis Bank ACE Credit Card.
- Flipkart Axis Bank Credit Card.
- Axis Bank Vistara Credit Card.
- Axis Bank Neo Credit Card.
- Axis Bank My Wings Credit Card.
- Axis Bank Select Credit Card.
For more details read our story on Best Axis Bank Credit Cards.
ICICI Bank is the second-largest private sector bank in India in terms of revenue and market capitalization. Right from dining and shopping to movies and travel, ICICI Bank issues credit cards aptly for all kinds of spending categories. The bank also offers a robust rewards program and offers a huge variety of no annual fee credit cards such as Amazon Pay ICICI credit card or ICICI Platinum Chip credit card.
The most popular Axis Bank credit card available in the market are:
- ICICI Sapphiro Credit Card
- ICICI Coral Credit Card
- ICICI Rubyx Credit Card
- ICICI Platinum Chip Credit Card
- Amazon Pay ICICI Credit Card
- ICICI Bank HPCL Super Saver Credit Card
For more details read our story on Best ICICI Bank Credit Cards.
IDFC First Bank
IDFC FIRST Bank was incorporated after the merger between IDFC Bank and Capital First Bank in December 2018. The bank offers an array of services and products including credit cards. It made an entry in the credit card industry in 2021 and came up with credit cards for both high-end customers as well as for masses.
IDFC FIRST Bank is definitely one of the most popular credit card issuers in the country and which is popular in the market for offering exclusive cards with maximum benefits and minimum charges.
The most popular IDFC First Bank credit cards available in the market are:
- IDFC FIRST Millennia Credit Card.
- IDFC FIRST Wealth Credit Card.
- IDFC FIRST Select Credit Card.
- IDFC FIRST WoW Credit Card.
- IDFC FIRST Classic Credit Card.
American Express which is popularly known as AmEx is a U.S. based multinational company. It is popular for its premium credit card offerings around the world. The AmEX is also known for its own huge credit card network as all the payment is processed over its own network. It forayed into the Indian market in 1993 and then soon AmEx became one of the most premium credit cards of India.
AmEx offers multiple credit cards with exclusive benefits on different categories such as reward programs, travel, movie & dining benefits, and many more.
The most popular American Express credit cards available in the market are:
- American Express Platinum Card.
- American Express Platinum Reserve Credit Card.
- American Express Gold Card.
- American Express Platinum Travel Credit Card.
- American Express SmartEarn Credit Card.
Bank of Baroda (BoB)
Being as one of the major public sector banks of India, Bank of Baroda (BoB), offers a number of exclusive credit cards in different categories as premium as well as basic credit cards so that everyone can get a card as per their needs. BoB credit cards come with countless privileges such as welcome benefits, low joining fees and high rewards rate.
The most popular BoB credit cards available in the market are:
- BoB CMA One Credit Card.
- BoB Eterna Credit Card.
- BoB Premier Credit Card.
- BoB Select Credit Card.
- IRCTC BoB RuPay Credit Card.
- BoB Prime Credit Card.
- BoB Easy Credit Card.
- BoB Sentinel Credit Card.
AU Small Finance Bank
AU Small Finance Bank is an emerging Indian private sector bank which was incorporated in April 2017, with an aim to assist low and average-income earners. The bank also caters to the needs and requirements of small and medium enterprises and provides them with all the required banking and financial tools.
They have a limited range of credit cards from entry-level to premium categories. All the four cards offer an amazing array of benefits from grocery shopping to international trips. One can enjoy a plethora of lifestyle privileges and explicit benefits with their Altura, Altura Plus, Vetta, and Zenith Credit Cards.
IndusInd Bank is one of the largest private-sector lenders of India. The bank launched its credit card services back in 2013, when they launched the huge range of premium credit cards from the Indulge credit card to pioneer heritage credit card, both of which have exclusive benefits over several categories.
At present the bank offers over 15 credit cards from most premium to entry-level categories. The cardholders can earn reward points by making payment towards utility bills, insurance premium, rental payments, and other charges.
The most popular IndusInd Bank credit cards are as mentioned below:
- IndusInd Bank Legend Credit Card.
- IndusInd Bank Pioneer Heritage Credit Card.
- IndusInd Bank Celesta Credit Card.
- IndusInd Bank Indulge Credit Card.
- IndusInd Bank Pinnacle World Credit Card.
- IndusInd Bank EazyDiner Credit Card.
- IndusInd Bank Legend Credit Card.
- IndusInd Bank Signature Visa Card.
The Ratnakar Bank Limited (RBL) bank is one of the Indian private sector banks known in the sector for its customer centric approach. Even for the credit cards, the bank always keeps its customers at the topmost priority and provides them with huge offerings of credit cards to meet all of their requirements. At present, RBL has more than 40 credit cards and thus the customers have so many options to choose from.
The most popular RBL credit cards are as follows:
- RBL ShopRite Credit Card.
- RBL World Safari Credit Card.
- RBL MoneyTap Black Card.
- RBL Platinum Bonus SuperCard
- RBL Icon Credit Card
- BookMyShow RBL Credit Card
For more details read our story on Best RBL Credit Cards.
Yes Bank is one of the key players of the Indian banking sector which is also known for its premium credit card services. Yes Bank credit cards provide benefits such as welcome vouchers, reward points, cashback, milestone and travel benefits, fuel surcharge waiver and spend-based waiver of annual fee.
The most popular Yes Bank credit cards are as follows:
- Yes Private Prime Credit Card.
- Yes First Exclusive Credit Card.
- Yes First Preferred Credit Card.
- Yes Premia Credit Card.
- Yes Prosperity Edge Credit Card.
- Yes Wellness Plus Credit Card.
Standard Chartered Bank
London-based Standard Chartered Bank is one of the largest foreign banks and credit card issuer in India. After AmEx, standard chartered as a foreign bank has a major share in the credit card business of India. It also offers a huge range of credit cards in all the categories such as shopping, lifestyle, travel to premium.
The most popular Standard Chartered Bank credit cards are as follows:
- Standard Chartered Ultimate Credit Card.
- Standard Chartered EaseMyTrip Credit Card.
- Standard Chartered Super Value Titanium Credit Card.
- Standard Chartered Platinum Rewards Credit Card.
- Standard Chartered Smart Credit Card.
- Standard Chartered DigiSmart Credit Card.
- Standard Chartered Emirates World Credit Card.
Credit Card Growth In India
In terms of credit card growth, India is still an underpenetrated market where only a small fraction of the population has a credit card. Undoubtedly, the card issuers are working to change this scenario by introducing various benefits and also spreading awareness for the use of credit cards. That’s why we can see in the below-mentioned table that the credit card issuance volume has shown a decent upward trend over the years despite Covid-19 pandemic and RBI bans on credit card issuers.
Credit Card Issuance Volume In India (In Million)
Over the past years, the credit card issuers have laid the foundation for constant technology advancements and growth. With the focus now on expanding the customer base with better fraud management techniques, competitive product offerings, loyalty and benefits, the credit card industry is expected to grow exponentially in the upcoming years.