New Delhi, Oct. 28 -- Domestic credit cards' growth remained healthy at 9.5 per cent year-on-year (YoY), even as overall spending across the sector declined on account of an elevated base from the previous year, according to a report by Jefferies.

The total cards-in-force (CIF) across the industry expanded to 123.8 million during September 2026, advancing from 9 per cent recorded in August 2026. However, total credit card spending fell 6.2 per cent YoY during the month, compared to a growth of 5.5 per cent registered in the previous month. Sequentially, overall industry spending recorded an increase of 0.7 per cent month-on-month (MoM) to reach Rs 2 trillion.

"The decline in spending on a YoY basis mostly reflected a higher base last ye...