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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