The brokerage firm HSBC Global Research has identified three leading credit car providers, HDFC Bank, SBI Cards, and ICICI Bank as the frontrunners and its top picks from this segment. According to the brokerage, with a strong grip on market share and steady growth in card spending, these financial giants continue to dominate, while smaller players remain in consolidation mode.
Why HDFC Bank, SBI Cards, and ICICI Bank are HSBC’s top picks
- Consistent market leadership
HDFC Bank, SBI Cards, and ICICI Bank together accounted for nearly 75% to 80% of the total net card issuances over the past year.
- Spending growth despite challenges
Even with increasing fees, reward program devaluations, and UPI’s growing dominance, these banks have maintained robust credit card spending. The brokerage firm noted that “low customer additions, increases in fees/charges, and devaluation of rewards can impact receivables growth over the long term.”
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- Strategic cost management
With the industry undergoing a phase of rationalisation, larger issuers are adjusting their strategies. Many banks are lowering marketing expenses and adjusting reward structures to keep spending in check.
“Issuers are rationalising costs through measures like devaluation of card rewards and lowering marketing spending,” added the brokerage firm in its report.
HSBC on Indian Financials: Big Banks, Biggest market share
According to the brokerage report, credit card issuances in India saw a slowdown, with total net issuance hitting a two-year low in February 2025. However, despite the overall slowdown, the top three issuers – HDFC Bank, SBI Cards, and ICICI Bank added nearly 80% of all new credit cards issued in the first 11 months of FY25.
“These three players are gaining market share while others take a breather,” noted the HSBC report. HDFC Bank, SBI Cards, and ICICI Bank have consistently maintained their lead in Cards-in-Force (CIF).
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Despite a dip in net card issuances, credit card spending growth accelerated in February 2025. “Spending on merchant networks through credit and debit cards,
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