Last year, PSU Banks saw a significant 17% increase in spending compared to previous years. Their average spending per card reached ₹16,847. In contrast, private banks reported a 4% decrease in average spending, dropping to ₹18,948.

Currently, HDFC Bank holds a commanding 22.2% market share among credit cards. SBI Cards follows with an 18.7% share. These figures highlight the competitive landscape within the banking sector.

The overall credit card base has grown by 8%, reaching the current total of 119 million active cards. This growth reflects increasing consumer confidence and spending power.

Private banks still dominate the market with nearly 80% of active cards. However, PSU Banks are implementing strategies to attract new customers and enhance their offerings.

The shift towards PSU Banks indicates changing consumer preferences and highlights their growing influence in the credit card segment. With their focus on increasing customer engagement, they are likely to continue expanding their market share.

The trend suggests that consumers may lean more towards PSU Banks for credit options as they enhance services and benefits associated with their credit cards.

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Axis Bank announced changes to the Airtel Axis Bank Credit Card, altering cashback mechanics and removing airport lounge access. These changes will take effect on April 12, 2026, and are expected to impact cardholders significantly.

The card previously offered a robust 25% cashback on Airtel payments, capped at INR 250 per month. Additionally, cardholders enjoyed 10% cashback on utility payments made via the Airtel Thanks app, also capped at INR 250 per month. Cashback on popular platforms like Swiggy, Zomato, and BigBasket was previously set at 10%, alongside a general 1% cashback on other spends.

Removal of Lounge Access

Another significant change includes the removal of 4 complimentary domestic lounge visits per year, a benefit that many users valued. This alteration is part of a broader shift in the card’s offerings, which now dilute the simplicity that made the card popular among consumers.

Under the new structure, cashback caps will now depend on the amount of base cashback earned in the same statement cycle. The previous cashback on Swiggy, Zomato, and BigBasket has been replaced with a 10% value back on Zomato, Blinkit, and District Movies. However, the maximum value back is limited to INR 200 per partner per month, with a minimum order value of INR 499 required for Zomato and Blinkit.

The Airtel Axis Bank Credit Card was previously one of the strongest cashback cards in the sub-INR 1,000 annual fee category, making it a popular choice for many consumers. The recent changes, however, may lead to dissatisfaction among existing cardholders who appreciated the previous benefits.

As the April 2026 implementation date approaches, observers are keenly watching how these changes will affect customer retention and satisfaction. Details remain unconfirmed regarding any potential responses from cardholders or adjustments from Axis Bank to address customer concerns.

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