Credit card spends moderated in Aug'25, declining by ~1.5% MoM (vs a ~6% increase July'25), while YoY growth stood at ~13.6% (vs ~12.2% in July'25). Cards-in-force reached ~112.3Mn as of Aug'25, up ~6.5% YoY with limited sequential growth. Net new card additions improved to ~6.9 lakhs (vs ~4.2 lakhs in July'25), with HDFCB (~2.2 lakhs), AXISB (~1.4 lakhs) and SBI (~0.7 lakh) leading issuances. Transaction volumes posted a modest ~1.5% MoM rise (vs ~6% increase in July'25) and ~26% YoY growth (vs ~27% in July'25). Looking ahead, we expect September'25 to witness a pickup in spends, supported by festive seasonality, recent GST cuts, and aggressive discounting...