Quick Summary
- 1Credit card issuance in 2025 fell by 43% in volume and 41% in monetary value compared to the previous year.
- 2December 2025 saw a slight 5% recovery from the record lows of November, but the annual trend remained sharply negative.
- 3Market analysts attribute the decline to high key interest rates, strict regulatory oversight, and the growing appeal of installment cards and overdraft-enabled debit cards.
- 4Industry participants do not anticipate a significant rebound in the credit card segment for 2026.
Market Shift in 2025
The landscape of consumer lending underwent a significant transformation in 2025, marked by a sharp retreat in traditional credit card issuance. After a particularly poor performance in November, the market saw a modest recovery in December, but the annual figures reveal a sector in contraction.
Across the full year, the volume of cards issued dropped by 43%, while the total monetary value of these issuances fell by 41%. This decline signals a broader shift in consumer behavior and banking strategy, driven by a complex mix of economic pressures and changing preferences.
A Year of Contraction
The final month of the year provided a glimmer of hope, though it was insufficient to offset the year's losses. In December 2025, the number of credit cards issued rose by 5% compared to the previous month. However, this increase came after a particularly disastrous November, which set a low benchmark for the year.
When viewed through the lens of the entire year, the data paints a clear picture of a market in retreat. The 43% drop in issuance volume represents a massive reduction in the number of new credit lines extended to consumers, highlighting a cautious approach from both lenders and borrowers.
The decline was not merely numerical but also reflected in the financial scale of the market. The total value of credit extended through these cards fell by 41%, indicating that consumers who did acquire cards may have been granted lower limits or that the average transaction size decreased.
Drivers of the Downturn
Market experts have identified three primary factors fueling this downward trend. The first is the persistently high key interest rate, which makes borrowing via credit cards significantly more expensive for consumers. As rates climb, the cost of carrying a balance becomes prohibitive for many, dampening demand for new credit lines.
The second factor is the rigorous regulatory environment governing the financial sector. Stricter controls and compliance requirements have made it more challenging for banks to issue cards freely, leading to tighter approval criteria and more conservative lending practices.
Finally, the rise of alternative products has fundamentally altered consumer choice. Borrowers are increasingly drawn to options that offer more predictable terms or immediate utility. These alternatives include:
- Installment cards that offer structured repayment plans
- Debit cards with overdraft facilities that link directly to existing funds
- Point-of-sale financing options integrated into retail experiences
The Rise of Alternatives
Consumers are actively seeking financial tools that provide flexibility without the perceived risks of traditional revolving credit. The growing popularity of cards рассрочки (installment cards) reflects a desire for transparency in repayment schedules, allowing users to plan their finances with greater certainty.
Simultaneously, debit cards with overdraft capabilities have gained traction. These products allow users to access a pre-approved buffer if their account balance runs low, offering a safety net that is often cheaper and easier to manage than a standard credit card.
This migration toward different financial instruments suggests a strategic pivot in the market. Lenders are responding by diversifying their portfolios, moving away from a singular focus on credit cards to offer a broader suite of products tailored to modern consumer needs.
Outlook for 2026
Looking ahead, the mood among market participants is one of caution rather than optimism. There is no expectation of a substantial recovery in the credit card segment throughout 2026. The structural factors that drove the 2025 decline—high interest rates and regulatory scrutiny—are expected to persist.
Industry insiders believe that the shift toward alternative lending products is not a temporary phenomenon but a lasting change in the financial ecosystem. As a result, banks and financial institutions are likely to continue refining their non-credit card offerings to retain and attract customers.
The data from 2025 serves as a clear indicator of a maturing market where consumers are more discerning and regulatory frameworks more robust. The era of rapid, unchecked credit card growth appears to be giving way to a more measured and diversified approach to consumer lending.
Key Takeaways
The 2025 data confirms a pivotal moment for the credit card industry, characterized by a significant contraction in both volume and value. The 43% decline in issuance is a stark reminder of the impact of macroeconomic conditions on consumer financial behavior.
While a slight rebound occurred in December, it was not enough to alter the year's negative trajectory. The primary drivers—high interest rates, regulatory pressure, and product substitution—remain firmly in place, suggesting that the market will continue to evolve rather than revert to previous norms.
For 2026, the focus will likely remain on innovation within alternative lending channels. The credit card, while still a staple, is no longer the default choice for many consumers, marking a definitive shift in the financial landscape.
Frequently Asked Questions
The primary trend was a sharp contraction, with the volume of cards issued falling by 43% and the total value dropping by 41% compared to the previous year. This decline was driven by high interest rates, regulatory pressures, and a shift toward alternative financial products.
Consumers are increasingly opting for alternatives like installment cards and overdraft debit cards due to high borrowing costs and a desire for more predictable financial products. These alternatives often offer clearer repayment terms and are linked directly to existing funds.
Market participants do not expect a significant recovery in the credit card segment in 2026. The economic and regulatory factors that led to the 2025 decline are expected to persist, continuing the shift toward alternative lending solutions.
