The number of consumers holding three or more credit cards has nearly doubled over the last decade, rising from 12% in 2016 to 22% in 2026, according to the latest whitepaper by TransUnion CIBIL. The trend reflects changing consumer preferences, greater access to unsecured credit and the growing use of multiple credit lines to manage spending needs.
The rise in multiple card ownership comes alongside a sharp expansion of India's credit card market. Outstanding credit card balances have increased more than eight times over the past decade, rising from Rs 0.4 lakh crore in March 2016 to Rs 3.1 lakh crore in March 2026.
During the same period, the number of consumers with active credit cards increased from 1.4 crore to 5.2 crore, while the total number of cards in circulation rose to 10.7 crore.
According to the report, titled Beyond the Swipe: A Research Whitepaper on How India Uses Cards as a Credit Instrument, credit cards are increasingly being used as part of a broader unsecured credit ecosystem. Consumers are not only using cards for payments and rewards but are also relying on them for liquidity and managing monthly expenses.
The changing borrower profile is visible in the decline of single-product users. The share of consumers using only credit cards as their sole unsecured credit product has fallen from 50% to 33% over the last decade.
At the same time, more consumers are combining credit cards with personal loans, consumer durable loans and other forms of unsecured borrowing.
This shift is creating new challenges for lenders, particularly around monitoring borrower stress. TransUnion CIBIL said consumers with multiple credit products require closer tracking as repayment obligations increase across different lenders.
The report found that high-exposure borrowers - those with multiple credit cards and additional unsecured loans - show higher levels of credit stress. Among experienced credit card users, borrowers who had taken multiple personal loans recorded significantly higher delinquency rates compared with those who relied mainly on cards.
The rise of multiple card ownership is also changing the way banks approach customers. Instead of evaluating a borrower based only on an individual credit product, lenders are increasingly looking at the consumer's overall credit profile, repayment behaviour and exposure across lenders.
Young consumers are emerging as a key driver of this trend. Generation Z borrowers are entering the formal credit system earlier and are adopting multiple credit products at a younger age. While this indicates improving financial access, it also highlights the need for stronger credit awareness and responsible borrowing habits.
