Top Credit Card Issuers
in India
The credit card sector in India is rapidly expanding, with a significant increase in card circulation projected annually. As of June 2022, RBI data reported 7.87 Crore credit cards, surpassing 10 Crores by 2024. Growth remains robust, with over 1 Crore cards added in the past year alone. Despite competition from e-wallets and Buy Now Pay Later options, diverse card offerings from issuers aim to attract a broader customer base, ensuring sustained industry growth.
Popular credit card issuers
Other Network Card Issuers
List of Top Credit Card Issuers in India
Below is a compilation of leading credit card issuers in India renowned for offering premier credit cards across various categories such as shopping, travel, lifestyle, and entertainment. These issuers boast extensive portfolios encompassing a diverse array of credit cards to cater to varying consumer needs.
HDFC Bank:
HDFC Bank, India’s largest private sector bank by assets, also ranks fourth globally in market capitalization. By January 2024, the bank has amassed over 20 million active credit cards nationwide. Notably, HDFC Bank offers a range of popular co-branded cards, including the upgraded Metal version of its premium Infinia credit card, which has attracted significant customer interest. Recently, the bank introduced the new Diners Back Metal Edition Credit Card. With offerings like HDFC Infinia, Diners Club Black, Millennia, Moneyback+, and more, HDFC Bank continues to prioritize top-tier card options for its customers.
Axis Bank:
Axis Bank, the third-largest private sector bank in India after ICICI Bank and HDFC, was established in December 1993 with its headquarters in Mumbai. It has built a strong reputation as a reliable financial institution in the country. In the realm of credit cards, Axis Bank holds the third-largest issuer position, trailing only HDFC and SBI. As of January 2024, Axis Bank boasts 13.5 million active credit cards, offering a diverse range of cards including premium options like Axis Bank Magnus and Reserve. The bank’s portfolio also features popular co-branded cards for travel, fuel, and shopping, such as Club Vistara and Flipkart, which are highly favored across India.
ICICI Bank:
ICICI Bank, the second-largest private sector bank in India by market capitalization and revenue, offers an extensive range of credit cards catering to diverse consumer needs including travel, shopping, fuel, lifestyle, and dining. As of January 2024, ICICI Bank boasts over 16.7 million credit cards nationwide. Partnering with India’s largest loyalty program PAYBACK, ICICI Bank offers lucrative reward points to its customers. Premier credit card offerings include ICICI Bank Emeralde, ICICI Bank Sapphiro, Amazon Pay ICICI Bank Card, ICICI HPCL Super Saver, ICICI Bank Rubyx, and more, highlighting the bank’s commitment to top-tier financial solutions.
SBI Card:
SBI Card, the second-largest credit card issuer in India following HDFC Bank, boasts over 18.6 million active cards. Headquartered in Gurugram, SBI Card is the only publicly listed card issuer in the country. Established in 1998 in partnership with GE Capital and the State Bank of India, SBI Card received investment from The Carlyle Group in December 2017 and is the sole pure credit card entity listed on the stock market. Its premier offerings include SBI Aurum, SBI Elite, SBI SimplyCLICK, Air India SBI Signature, and IRCTC SBI Premier, offering diverse card options to cater to various consumer preferences. Recently, SBI Card expanded its portfolio with co-branded credit cards like the Reliance-SBI Card and Reliance-SBI Card Prime to meet evolving customer needs.
American Express:
American Express, headquartered in the US, is renowned globally for its prestigious credit card offerings. Serving as both a card issuer and a processing network, American Express partners with issuers like ICICI Bank and IndusInd Bank. As of September 2023, American Express has over 1.36 million active credit cards in India. Its flagship cards include the Platinum Charge Card, Gold Charge Card, Platinum Travel Credit Card, SmartEarn Credit Card, and others, showcasing its dedication to diverse and high-quality financial solutions.
IDFC FIRST Bank:
IDFC First Bank, formed from the merger of Capital First and IDFC Bank in December 2018, entered the Indian credit card market with four lifetime-free cards: First Select, First Millennia, First Wealth, and First Classic. Since then, it has expanded its offerings and partnered with HPCL and Club Vistara for co-branded cards. Today, IDFC First Bank has over 1.91 million active cards nationwide, a significant milestone for a relatively new entrant.
IndusInd Bank:
IndusInd Bank, headquartered in Mumbai and established in April 1994, is a leading private-sector bank in India. As of January 2024, it has over 2.7 million credit cards in circulation. The bank offers a diverse portfolio of over 15 cards, including premium options like Pioneer Heritage and Indulge, and popular choices such as Celesta and the Club Vistara IndusInd Bank Explorer card. In 2023, IndusInd Bank launched the virtual IndusInd Bank ePay Amex Credit Card, showcasing its commitment to innovation and customer needs.
Kotak Mahindra Bank:
Kotak Mahindra Bank, the third-largest private sector bank in India by market capitalization, has over 5.9 million active credit cards as of January 2024. The past 1 to 1.5 years have seen a significant influx of new customers. Among its offerings, the Kotak 811 #DreamDifferent card is a top entry-level option. The bank also offers premium cards like the Myntra Kotak credit card, IndianOil Kotak credit card, PVR Kotak Gold card, and Kotak White Reserve card, catering to diverse consumer needs.
AU Bank:
Based in Jaipur, Rajasthan, AU Small Finance Bank Limited started as an automobile financing company in 1996 and became a small finance bank on April 19, 2017. As of September 2023, it has over 700,000 active credit cards and operates in more than 15 states across India. AU Bank offers a diverse range of credit cards with attractive rewards, including India’s first customizable credit card. From premium options to lifetime free cards, AU Bank caters to varied consumer preferences.
RBL Bank:
Founded in 1943 as Ratnakar Bank and headquartered in Mumbai, RBL Bank has over 5.1 million active credit cards despite being a smaller player in the private sector. RBL Bank offers a variety of credit cards packed with enticing benefits. Notable options include the RBL Bank World Safari card, which has no forex markup fees, the RBL Bank Edition, RBL Bank Shoprite, and the BookMyShow RBL Bank Play credit card.
Bank of Baroda:
Based in Vadodara, the Bank of Baroda, India’s second-largest public sector bank, merged with Dena Bank and Vijaya Bank in September 2018. BoB Financial offers credit card services, growing from 600,000 active cards in July 2021 to over 2.3 million today. The bank’s co-branded cards with IRCTC and HPCL are particularly popular. BoB Financial also provides exclusive cards for armed forces personnel and government employees. Notable offerings include BoB Eterna, BoB Premier, and BoB Select.
Yes Bank:
Established in 2004 and headquartered in Mumbai, Yes Bank became a leading private sector bank in India until it faced financial instability in early 2020, leading to a 30-day RBI moratorium and a 30% acquisition by SBI. Despite these challenges, Yes Bank continues to offer a range of credit cards. As of January 2024, it has approximately 1.9 million active credit cards. Notable offerings include Yes Bank First Exclusive, Yes Bank Wellness Plus, Yes Bank First Preferred, and the customizable Yes Bank BYOC credit card.
Standard Chartered Bank:
Standard Chartered India, a subsidiary of the London-based Standard Chartered Bank, was established in 1958 and is the largest foreign bank in India. As of January 2024, it has about one million active credit cards. Premier offerings include the Rewards Credit Card, Ultimate Credit Card, and Platinum Rewards Credit Card, highlighting the bank’s commitment to diverse and high-quality financial solutions.
HSBC Bank:
HSBC began operations in India by acquiring the Mercantile Bank of India, the nation’s second-oldest foreign bank. As of January 2024, HSBC has about 600,000 active credit cards. Despite a limited portfolio, HSBC offers the Visa Platinum, Cashback, and Premier MasterCard credit cards, many without a joining fee.
Federal Bank:
Federal Bank, headquartered in Kochi, is a major private sector bank in India with over 10 million customers and a network of 1,370 branches nationwide. As of January 2024, the bank has over 910,000 active credit cards, showcasing its strong presence and dedication to meeting the financial needs of its clients.
Citi Bank:
Citibank India, a subsidiary of Citigroup, was acquired by Axis Bank in March 2023. Presently, Citibank offers eight credit cards in India. As of January 2024, it ranks as the sixth-largest credit card issuer in the country, with over 180,000 active credit cards. Popular options include the Citi Prestige Credit Card and Citi PremierMiles Credit Card.
IDBI Bank:
IDBI Bank, a major public-sector commercial bank and subsidiary of LIC, entered the credit card business in 2014. It currently offers five credit cards in India. As of September 2023, IDBI Bank has over 30,000 active credit cards, emphasizing its expanding footprint in the credit card market.
Union Bank of India:
Union Bank of India, commonly referred to as UBI, stands as a prominent public sector bank in India. Following its amalgamation with Corporation Bank and Andhra Bank in April 2020, UBI emerged as the largest PSU bank in terms of branch network. As of September 2023, the total count of active UBI credit cards in circulation surpasses 720,000, underscoring the bank’s significant presence in the credit card market.
Canara Bank:
Canara Bank ranks among the largest PSU banks in India, with a rich history dating back to its establishment in 1906, followed by nationalization in 1963. Canara Bank ventured into the credit card business in 2002. As of January 2024, the total count of active Canara Bank credit cards exceeds 800,000 nationwide, highlighting the bank’s substantial presence in the credit card market.
Punjab National Bank:
Punjab National Bank (PNB), the second largest public sector bank in India after SBI, expanded significantly in April 2021 through a merger with Oriental Bank of Commerce and United Bank of India. Despite controversies in 2018 related to non-performing assets (NPAs), PNB collaborates with RuPay and Visa networks to issue credit cards. As of January 2024, PNB has over 500,000 active credit cards nationwide, highlighting its substantial presence in the credit card market.
FinTechCards
Fintech Cards, issued by non-traditional financial companies instead of banks, are a growing trend in the credit card market. These cards highlight the rapid expansion of fintech in finance, offering innovative solutions through technology. Fintech companies partner with NBFCs to provide easy lending options, empowering consumers to make purchases and manage finances efficiently. These cards signify a significant shift in how people access and use financial services, enhancing convenience and financial independence.
Fintech Cards provide users with enhanced security, innovative designs, attractive rewards, and other benefits. Here are some of the most sought-after Fintech Cards available in India:
Scapia Federal Credit Card:
This card allows you to earn 20% Scapia Coins on travel bookings made through Scapia and 10% Scapia Coins on all other eligible transactions. Additionally, you receive unlimited domestic lounge access as a milestone benefit when you spend Rs. 5,000 or more monthly. Launched in collaboration with Scapia, Federal Bank offers this Fintech Credit Card.
Gild Credit Card:
The Gild Credit Card, issued by SBM Bank, is an innovative offering linked to your fixed deposit. This card lets you make daily transactions without breaking your fixed deposit. Moreover, the Gild Credit Card offers an attractive interest rate for fixed deposits.
OneCard Credit Card:
One Card provides users with easy credit for convenient transactions in partnership with various banks, including Federal Bank, SBM Bank, BOB Bank, CSB Bank, and South Indian Bank. Users can enjoy great rewards with the One Card, and there are no joining or annual charges.