India’s credit card spending growth slowed to 5.5% year-on-year in August 2026. This was down from 7.1% in July, according to a report by Jefferies. For SBI Cards, the slowdown was sharper. Its spending growth fell to 7% year-on-year from 22% in July. The company’s share of industry spending also dropped, from 19% to 17.5%. Credit card spending falls 2.8% in August Total credit card spending across the industry stood at Rs 2 lakh crore in August. This was a 2.8% decline from July, as per the report. SBI Cards’ spending fell even more steeply on a month-on-month basis, down 11%.