Credit card base in the country grew 4 per cent in FY'14 to 20.3 million cards, according to the Worldline India Card Payment Report 2014.
A second consecutive year of growth is encouraging although the growth rate is likely to be slow as card industry players focus more on profitability, the report said.
Private sector banks had a larger share of the pie with 54 per cent of cards being issued by them, whereas public sector banks issued 20 per cent and foreign banks issued 26 per cent of the cards.
HDFC Bank with 5.1 million cards topped the list with a 27 per cent share, while ICICI Bank with 3.1 million and SBI with 2.8 million cards had a market share of 17 per cent and 15 per cent, respectively.
According to the report, the average number of credit card transactions per card per year were around 25, while the average spends were Rs 2,900.
Overall card spends grew 17 per cent from Rs 122.9 crore in FY 2013 to Rs 144.3 crore in FY 2014. The main items on which spends were made were retail fashion (30 per cent), department stores (12 per cent), supermarkets (10 per cent) and hotels (10 per cent).