Look no further. India’s market is flooded with numerous credit card companies, each offering unique benefits and features tailored to cater to diverse needs. Choosing the right one can seem like an arduous task but don’t worry, we’re here to help.
In this article, we’ll be delving into the top 10 credit card companies in India, comparing their offerings and helping you make an informed decision. Each company has its own strengths, making them ideal for specific types of consumers. Whether you’re looking for rewards or cashback options, low interest rates or travel perks – there’s something for everyone.
Many credit cards offer exclusive deals and discounts with prestigious jewellery companies in India, enhancing your shopping experience.
Remember, it’s not just about picking any card; it’s about finding the one that fits perfectly with your spending habits and financial goals. So let’s get started on your journey towards mastering personal finance!
As you explore credit card options, consider how they can be used to purchase products from leading consumer durable companies in India.
Credit Card Industry in India
- The total value of card payments in India was 17.02 trillion INR in 2022.
- Credit card usage in India has been growing at an annual rate of 20% .
- In 2022 alone, the number of credit card users increased by 11 million.
- India’s credit card penetration is currently estimated at about 5.5% of the population of 1.4 billion, or 77 million people.
- In April 2023, India had over 8.6 crore (86 million) credit cards, up 15% from 7.5 crore (75 million) in April 2022.
- The number of credit cards is expected to hit the 10-crore (100 million) milestone by early 2024.
- The credit card industry in India has witnessed a compound annual growth rate (CAGR) of 20% in the last five years.
Credit card companies in India
- HDFC Bank
- State Bank of India (SBI)
- ICICI Bank
- Axis Bank
- IndusInd Bank
- RBL Bank
- YES Bank
- Standard Chartered Bank.
- Kotak Mahindra Bank
- American Express
| Company | Revenue |
|---|---|
| HDFC Bank | ₹192,800 crore |
| State Bank of India | ₹13,677 crore |
| ICICI Bank | ₹186,178 crore |
| Axis Bank | ₹23,172 crore |
| IndusInd Bank | ₹44,541 crore |
| YES Bank | ₹26,826crores |
| American Express | ₹3,74,018 crore |
- HDFC Bank
- Core Net Revenue (Qtr ending Sep ’22): ₹28,869.8 crore
- Total Income (FY ending Mar ’23): ₹192,800.36 crore
- State Bank of India (SBI)
- Revenue (2022-23): ₹13,677 crores
- Profit (2022-23): ₹2,258 crores
- ICICI Bank
- Revenue (2023): ₹186,178.80 crore
- Axis Bank
- Consolidated profit (2022-2023): ₹23,172 crores
- IndusInd Bank
- Net profit (2022-23): ₹7,443 crores
- Total income (2022-23): ₹44,541 crores
- RBL Bank
- Profit After Tax (Q4 FY23): Rs.271 crore
- PAT for FY23: Rs.883 crore
- YES Bank
- Revenue (2023): ₹26,826.76 crores
- Profit (2023): ₹735.82 crores
- Kotak Mahindra Bank
- Consolidated net profit (2022-23): ₹14,925 crores
- Standalone net profit (2022-23): ₹10,939 crores
- American Express
- Revenue (2022): US$50.68 billion (approximately ₹3,74,018 crores)
- Profit (2022): US$10.69 billion (approximately ₹78,909 crores)
1. HDFC Bank
Starting our list is none other than HDFC Bank, a powerhouse in the financial sector of India. It’s not by chance that this bank tops our list; it has consistently shown tremendous growth and commitment to providing top-notch products and services.
Peeking at their financial performance, we find impressive numbers backing up their reputation. For instance, take the quarter ending September 30, 2022 – HDFC Bank recorded an increase of 18.3% in its core net revenue (excluding trading and Mark to Market losses), reaching ₹28,869.8 crore. The total income for the approaching financial year ending March 2023 stood at a whopping ₹192,800.36 crore.
| Financial Metrics | Figures |
|---|---|
| Core Net Revenue (Qtr ending Sep ’22) | ₹28,869 crore |
| Total Income (FY ending Mar ’23) | ₹192,800 crore |
HDFC Bank are also one of the largest employers in the banking industry with a workforce count of 173,222 employees as of March 31, 2023 – marking an increase of over twenty-two percent from the previous year.
When it comes to products and services offered by HDFC Bank, credit cards take centre stage with more than 1.70 crore active cards as per September ’22 data! Their portfolio includes debit cards, prepaid cards, business cards and travel cards too.
Their client base is as diverse as it gets – individuals looking for personal banking solutions or salaried professionals needing unique financial assistance; micro and small businesses striving to reach new heights; Self Help Groups (SHGs) and Non-Resident Indians (NRIs).
It’s also worth noting that HDFC Bank, headquartered in Mumbai, Maharashtra, has a remarkable presence across the country with nearly 6,500 branches and 19,000 ATMs spread across 3,226 towns or cities as of June ’22.
On the achievements front, HDFC Bank topped the BT 500 list for 2022 as the most valuable lender based on average market cap during October ’21 – September ’22. They’ve also forged rewarding partnerships such as their collaboration with Tata Neu in 2022 to launch one of India’s most rewarding co-branded credit cards.
Lastly, let’s not forget their significant merger announced in April ’22 – a union with housing finance major HDFC Ltd that promises to channel more credit into India’s economy. They’re also proudly holding the title of being India’s largest card issuer with over 1.70 crore active credit cards as of September ’22.
In parallel with the banking sector, paper manufacturing companies in India are also contributing significantly to the country’s industrial growth.
2. State Bank of India (SBI)
As India’s largest public sector bank, the State Bank of India (SBI) has carved a niche for itself in the credit card market too.
For the fiscal year 2022-23, SBI Card posted impressive figures with revenue of ₹13,677 crores (around $1.7 billion) and profit figures touching ₹2,258 crores (approximately $280 million). These numbers are propelled by their team of over 3,774 permanent employees as of March 31, 2022.
Their product line-up is vast and varied to cater to your unique financial needs. For instance, if online shopping is your thing, there’s the SimplyCLICK SBI Card designed just for you! If you’re more into everyday shopping, then the SimplySAVE SBI Card might be what you need. And let’s not forget the travel enthusiasts out there – the Yatra SBI Card has got your back!
As of March 31, 2023, they’ve served more than an impressive 1.68 crore cardholders making them the country’s largest pure-play credit card issuer.
Based in Gurugram Haryana/Delhi NCR area in India; that’s where all these operations are managed from.
In terms of achievements – For starters: being second only to HDFC bank as India’s largest credit card issuer with over whopping 1.68 crore cards issued by March 2023 is no small feat! Another feather in their cap is being the only publicly listed pure-play credit card issuer in India.
And they’ve been known for strategic partnerships too. A notable example occurred back in December 2017 when State Bank of India and The Carlyle Group joined hands to acquire GE Capital’s stake in the company.
SBI Card has come a long way since its launch in May 1998. Started by State Bank of India and GE Capital, today it operates as a subsidiary of SBI with the latter having acquired GE Capital’s stake in December 2017.
With such an astounding number of cards issued, their market share is quite significant, making them the second-largest credit card issuer in the country!
Abhijit Chakravorty holds reins as Managing Director & CEO. Under his leadership, SBI Card continues to soar high and serve its customers better each day.
3. ICICI Bank
ICICI Bank, founded in 1994, has grown significantly and expanded its service offerings over the years. It’s a major player in India’s financial scene with a workforce of 157,799 individuals as per data from 2023. The same year saw the bank reporting an impressive revenue of ₹186,178.80 crore (approximately $23 billion).
The company’s main products encompass a broad array of banking and financial services. From banking to commodities trading and from insurance to wealth management, their portfolio is vast. In recent times though, it’s their credit card business that has seen substantial growth with spends increasing by a staggering 60% in fiscal 2023.
A key aspect of ICICI Bank’s clientele includes individual customers, businesses big and small alike, along with corporations too. They’ve been particularly successful in providing comprehensive solutions for new-to-bank customers acquired through Amazon Pay credit cards.
When we delve into ICICI Bank’s achievements over the years, their credit card business boom aside, they also reported a year-on-year growth rate of 25.3% in net profit during Q1-2023.
Well, they’ve launched co-branded credit cards allowing customers to earn rewards and benefits. Additionally noteworthy is their partnership with e-commerce giant Amazon to offer Amazon Pay credit cards which have proved immensely popular amongst consumers.
As of 2022 alone the bank had around 9.91 million active credit cards under its belt indicating significant dominance in this sector.
In terms of subsidiaries and acquisitions too ICICI Bank isn’t lagging behind either boasting several entities such as ICICI Prudential Asset Management Company which itself grew by an impressive annual rate of 7.8% to ₹385 crore during Q4-2023 under its wing.
Finally, ICICI Bank has always been a trailblazer in terms of digital innovation within the banking sector. Fiscal 2022 saw them embarking on an accelerated tech journey introducing several new digital offerings to better serve their customers and enhance their banking experience.
4. Axis Bank
Having carved out a name for itself in the Indian banking sector, Axis Bank is one that you’re likely to come across frequently. In recent years, it’s shown impressive growth with its consolidated profit for the fiscal year 2022-2023 standing at a whopping ₹23,172 crores. That’s an exponential leap from the ₹5,039 crores reported just four years ago in 2018-2019. The bank also noted a hefty impact of exceptional items on its profit and loss account (net of taxes) amounting to ₹12,354 crores.
In terms of manpower, as of the end of fiscal year 2021-2022, over 85,500 people were proudly employed by Axis Bank. It’s no surprise considering their wide range of financial services which includes credit cards tailored to various lifestyles and needs – travel cards for globetrotters and business cards for corporate honchos are just a few examples. Not forgetting their loan facilities, insurance options and investment products which cater to diverse clientele including individuals and businesses both small and large.
Headquartered in Mumbai, Maharashtra – India’s financial hub – Axis Bank has made some significant strides since it began operations back in 1994. Promoted by high-profile entities such as Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC), amongst others; the bank now boasts being third-largest private sector bank based on total assets.
Their presence is undeniable with an expansive network encompassing 4,903 domestic branches along with15,953 ATMs & cash recyclers spread all over the country as of March 31st 2023. Their market presence isn’t too shabby either; they held onto a respectable market share – specifically a healthy chunk equating to 5.1% in deposits and 6% in advances during fiscal year 2022-2023.
Having bagged the coveted title of Asian Bank of the Year in 2021, Axis Bank certainly doesn’t rest on its laurels. They continue to push boundaries with innovative projects and partnerships such as their co-branded credit card launch with tech giant Samsung back in 2022, along with a strategic move to acquire Citibank India’s consumer business. Their commitment to technological advancement also shines through with a strong emphasis on digital transformation.
5. IndusInd Bank
Let’s delve into the world of IndusInd Bank, a major player in India’s credit card industry.
IndusInd Bank is a financial powerhouse, with a reported net profit of ₹7,443 crores for the fiscal year 2022-23 – an impressive increase of 55% from the previous year. The bank’s total income during this period reached a whopping ₹44,541 crores, encompassing both interest and fee income.
Currently employing over 33,582 individuals across its various branches and offices in India, IndusInd Bank has become synonymous with opportunity and growth.
When it comes to services offered by this banking giant, there’s no shortage of variety. Catering to both individual customers and corporates alike, IndusInd Bank provides an extensive range of products including microfinance options, personal loans and commercial vehicle loans. However, their real speciality lies in their tailored credit card offerings which cater to diverse lifestyle needs such as shopping sprees or dining out experiences.
Serving more than 34 million satisfied customers nationwide – ranging from individuals to large corporations – IndusInd has built up an enviable client base over the years. Their registered office resides in Pune while the corporate office holds court in Mumbai.
The bank crossed the ₹2k crore mark for net profit for the first time ever during Q4 FY 2022-23. This resulted in an overall annual profit of ₹7k+ crores that marked a remarkable YoY increase by 55%.
A key feature that sets IndusInd apart from others is its strategic alliances with other organisations to enhance its product offerings further still. It’s got under its belt multi-year partnerships like those with International Cricket Council (ICC) and Tiger Fintech, the latter of which led to the launch of a co-branded credit card.
Founded in 1994 by Srichand P Hinduja along with members from the Indian diaspora, IndusInd Bank has since been on an upward trajectory. Named after the ancient Indus Valley Civilization – symbolic for innovation and sound business practices – this bank is continuously striving for excellence in providing superior banking services.
Whilst not specifically mentioned, it’s safe to say that given its robust performance and growth over time, IndusInd possesses a substantial market share within India’s banking sector. The bank is also dedicated towards R&D to bring about transformational change through digitalisation and innovation.
Under its umbrella, IndusInd has several subsidiaries including Bharat Financial Inclusion Limited (BFIL), a company involved in sourcing small ticket MFI loans for the bank; and IndusInd Marketing & Financial Services Private Ltd (IMFS), an associate firm of the bank.
Noteworthy personnel like Sumant Kathpalia (MD & CEO) and Sunil Mehta (Chairman) play pivotal roles in shaping this thriving organisation.
6. RBL Bank
Stepping into our spotlight at number six is the prominent RBL Bank. You’ll find their financial performance impressive, with a marked growth in revenue and profit reported for fiscal year 2022-23. The bank’s Profit After Tax (PAT) soared by 37% year-on-year and 30% quarter-on-quarter to Rs.271 crore in Q4 FY23. This represents a significant turnaround from FY22 when they posted a loss of Rs.75 crore, as their PAT for FY23 reached an astounding Rs.883 crore.
As of 2021, RBL Bank boasted a robust team of over 18,010 employees. Diving into their product range, you’ll see that RBL Bank offers an extensive portfolio of credit cards loaded with various benefits and attractive rewards programs. Their notable gem, the Bajaj Finserv RBL Bank SuperCard that serves up rewards on all spends along with bonus & annual rewards plus complimentary lounge & concierge service.
Well, RBL bank caters primarily to retail customers, small business owners and Non-Residential Indians (NRIs). They’ve also carved out quite the niche in the credit card market being one of India’s largest credit card issuers boasting over a whopping 5% market share in Cards in Force.
You’ll find them headquartered at Shahupuri in Kolhapur city which is located within Maharashtra state of India whilst their corporate office resides amidst bustling Mumbai city.
In 2022 RBL Bank proudly strutted back onto the scene entering the Top100 most valued brands list according to Brand Finance research agency rankings! Not only this but its flagship CSR initiative ‘UMEED1000’ clinched the title of India’s Best Bank for CSR at the International AsiaMoney Best Bank Awards in 2023.
Exploring their partnerships, you’ll find a key alliance with Bajaj Finance Ltd for their SuperCard. RBL Bank is one of India’s leading private sector banks that have been expanding across the country offering specialized services across five business verticals. These include: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury and Financial Markets Operations.
RBL Bank were honoured with the Best Debit Card Innovations Award at the MasterCard Innovation Awards in 2022 for ‘The India Startup Club (ISC) Debit Card’. Cyber Defence was another area where they excelled scooping up the Best Bank Award.
Lastly, it’s worth mentioning that RBL Finserve falls under their umbrella as a wholly-owned subsidiary of RBL Bank. This only adds to their stature as one of India’s top credit card companies making them a force to reckon with!
7. YES Bank
Let’s delve into the story of YES Bank, one of India’s top credit card providers. In 2023, this banking giant reported substantial revenue and profits – a whopping ₹26,826.76 crores in revenue and ₹735.82 crores in profit to be precise. What’s more impressive is the bank’s credit card segment growth with the credit card book size skyrocketing to INR 3,875 crores.
Operating in Retail, MSME, and Corporate Banking sectors, YES Bank offers an extensive range of products for its corporate and retail customers. These include retail banking services along with asset management services that stand apart from the rest. You might’ve heard about their key products like the YES First Corporate Credit Card or perhaps even used the famed YES Prosperity Purchase Credit Card.
A significant fact about YES Bank is its wide customer base across various sectors such as retail, MSMEs, and corporates. Headquartered in Mumbai, Maharashtra – this bank has achieved quite a lot since inception.
In financial year 2020–21 itself they managed a remarkable rise in deposits by 55% while operating profits went up by 42%. The same year saw them overhaul risk and governance frameworks which helped save their reputation from potential risks.
YES Bank also boasts some notable projects under its belt like when they signed a Memorandum of Understanding (MoU) with the government back in November 2017 providing ₹1,000 crore financing for food processing projects – an initiative much appreciated by all parties involved.
The genesis of YES Bank dates back to 1999 when it started as a non-banking financial enterprise launched by three Indian bankers – Ashok Kapur, Harkirat Singh and Rana Kapoor before officially becoming a bank in 2004. Fast forward to March 2020 State Bank of India swooped in to invest ₹7,250 crore during a financial crisis while gaining a 30% stake in YES Bank.
Back in October 2017 they launched Yes Pay, a digital wallet integrating with BHIM and UPI enabling customers to perform various financial transactions from mobile devices via third-party app providers like PhonePe and Yuva Pay.
As of today, State Bank of India holds an associate position with a 30% stake in the company after its investment on July 28th, 2020. That’s quite the journey for YES bank indeed!
8. Standard Chartered Bank
Established over 160 years ago, Standard Chartered Bank is amongst the oldest foreign banks operating in India. It came into existence in 1969 following a merger between Standard Bank and Chartered Bank. With its primary office situated at 1 Basinghall Avenue, London, EC2V 5DD, it has significantly expanded its presence across India with an impressive network of 100 branches spread across 42 cities.
The bank boasts a global workforce of approximately 83,266 employees as of last count in 2022. As far as services go, Standard Chartered offers a comprehensive range of banking solutions tailored to meet diverse customer needs:
- Loans
- Savings accounts
- Demand drafts
- Foreign exchange services
- Credit cards
- Insurance
- Investment advisory services
Additionally, it provides private and priority banking facilities along with international banking options. There are also cash management, trade finance and working capital services on offer. Not forgetting their reliable internet banking services which make managing your finances easy.
Standard Chartered serves a broad spectrum of clients ranging from individuals to small and medium-sized enterprises (SMEs), corporate entities as well as institutional customers. This wide-ranging clientele further underlines the versatility and adaptability inherent within this esteemed institution.
In terms of accomplishments in recent years – specifically during the course of 2022 – Standard Chartered continued to deliver strong financial performances while making positive strides towards executing its business strategy effectively.
Broadening their horizons even more, they have established a Non-Banking Finance lending entity aimed at complementing their presence within specific geographies and segments. They’ve also ventured into retail securities broking business. Notably too, they’re the first foreign bank to have begun banking activities within India’s International Financial Services Centre (in GIFT City, Gujarat).
In conclusion, Standard Chartered Bank’s enduring presence in India coupled with their diverse offerings and a strong commitment towards delivering quality financial services makes them an undeniable force within the Indian banking landscape.
9. Kotak Mahindra Bank
Kotak Mahindra Bank has been a significant player in India’s financial sector since its establishment in 1985. It’s impressive to note the bank reported a consolidated net profit of ₹14,925 crores in the financial year 2022-23. This was a remarkable 23% growth compared to the previous year. The standalone net profit also exceeded expectations with a rise of 28%, amounting to ₹10,939 crores.
As one of India’s top credit card companies, Kotak Mahindra Bank is proud to be an employer of choice for over 100,000 full-time employees as of 2023. With its registered office located at Bandra Kurla Complex in Mumbai, it’s been successful in creating an extensive footprint across India and overseas markets through international subsidiaries and branches.
The bank offers exhaustive services ranging from savings accounts, current accounts and term deposits to more niche offerings like rural housing loans and FASTags. Its clientele is diverse too – serving individuals, small businesses, medium enterprises as well as large corporations. Till date (2023), they’ve catered to over 41.2 million customers.
In FY22-23, the bank’s consolidated asset base stood at ₹6.2 trillion while boasting a market capitalisation worth ₹3.4 trillion. They also achieved a commendable consolidated net interest margin (NIM) of approximately 5.4%.
Key projects undertaken by Kotak Mahindra include aggressive expansion into RuPay credit cards business alongside plans for launching more UPI credit cards under the same banner—clear evidence of their commitment towards catering for all customer needs.
Notable personalities associated with this banking behemoth include Uday Kotak who serves as Managing Director & CEO along with several other eminent members on their board of directors.
In the credit cards business, Kotak Mahindra has seen a significant leap. The April-June FY24 quarter witnessed their credit card business jump 67% on a year-on-year basis to Rs 11,360 crores from Rs 6,820 crores.
Their commitment towards innovation is evident in their research and development focus. They’ve been pioneers in launching RuPay credit cards and are looking at opportunities for increased adoption of UPI on credit. Their future plans include launching more cards and aggressively promoting existing ones.
10. American Express
Delving into the financial giants of India, we come across American Express. A global powerhouse in the credit card market, it’s made its mark in India as well.
In 2022, this financial behemoth raked in a revenue of US$50.68 billion and a profit of US$10.69 billion. To put that into perspective for our Indian readers, that’s around ₹3,74,018 crores in revenue and about ₹78,909 crores in profits.
American Express is powered by an impressive workforce of roughly 77,300 employees worldwide. In India alone they employ between 10k to 50k individuals.
Their main offerings span several financial services but they’re particularly known for their payment cards – charge cards, credit cards and debit cards are their specialty. They also cater to traveler’s cheques and corporate banking services needs within the country.
Amongst their diverse clientele, you’ll find everyone from individual consumers to large corporations. For businesses specifically they’ve got specialised corporate cards and services on offer like the American Express/Business Extra Corporate Credit Card and the American Express Corporate Purchasing Card.
The global operational hub for American Express is located in New York City but back here at home their operations are concentrated mainly within Gurgaon (Haryana) and Bangalore (Karnataka).
Forbes named American Express as the most valuable brand globally within financial services back in 2017 while being ranked at number twenty-three overall with an estimated brand value of a whopping US$24.5 billion! More recently though – Forbes Advisor India listed one of their offerings – The SmartEarn™ Credit Card amongst top ten best credit cards available within India during 2022!
Speaking of 2022, it was a big year for them as they managed to get previous restrictions lifted by the Reserve Bank of India (RBI) that had earlier prevented them from acquiring new customers within the country. This came after they showed satisfactory compliance with data storage rules.
With a history stretching back to 1850, American Express has seen impressive growth over the years and is now one of the most valuable companies on a global scale. In India, their operations are centred around providing excellent customer services and driving the credit card business within our domestic economy.
As per reports from June 2022, there were close to 1.4 million American Express credit cards in circulation in India which equates to about 1.7% market share within the country’s total cards.
They’ve shown commitment towards local investment within India too – especially regarding compliance with data storage rules which ultimately led RBI to lift their previous restrictions!
Apart from these accomplishments, American Express also houses several subsidiaries including three who were made to refund an estimated $85 million collectively between approximately 250k customers due to illegal card practices carried out between ’03 and ’12.
At present Stephen J. Squeri holds position as Chairman & CEO of American Express globally whereas here at home Manoj Adlakha serves as CEO for Indian operations.
While selecting a credit card, consider the rewards and partnerships with automobile companies in India for vehicle purchases or services
Conclusion on Credit Card Companies in India
Navigating the world of credit cards can be a daunting task, with so many options available. However, after exploring the top 10 credit card companies in India, you’re now equipped with enough knowledge to make a confident decision.
These companies offer an array of choices, tailoring their services to meet different needs. Whether it’s cashback rewards or travel benefits you’re after, there’s a company for you.
Remember that responsible use of any credit card is crucial. It’s not just about earning points or getting cash back; it’s also about managing your finances wisely. Your choice should ultimately align with your financial goals and lifestyle preferences.
With this comprehensive guide at hand, finding your ideal credit card company becomes less complicated. So go ahead and explore what each one has in store for you!
