After a strong festive-led December, credit card spends moderated in Jan'26 to 1.99L Cr from 2.05L Cr in Dec'25. Spends declined ~2.7% MoM (vs ~8.4% growth in Dec'25), while YoY growth softened to ~8.1% (vs ~8.8%), reflecting both a high base and post-festive normalisation. Cards-in-force increased to ~116.56 Mn, up ~7.1% YoY and ~0.7% MoM. Net new card additions eased to ~8.4 lakh (vs ~8.9 lakh in Dec'25), led by HDFCB (~3.1 lakh), AXISB (~0.9 lakh) and SBI (~0.9 lakh). Transaction volumes remained largely stable, dipping marginally by ~0.1% MoM (vs ~7.2% growth in Dec'25), while sustaining healthy ~24.9% YoY growth (vs ~24.3%). Credit card spending growth moderated to ~8% in January, marking a...