Jefferies expects these stocks to benefit from profitability measures across credit card industry

Shares of SBI Cards and Payment Services

Ltd. are in focus today after global brokerage Jefferies highlighted ongoing changes in the credit card industry that could improve profitability for major issuers.

In a note on the financial sector, Jefferies said that several leading credit card issuers, including large private-sector banks and SBI Card, have made their rewards programmes less generous or increased spending requirements across both premium and mass-market card categories in recent months.

According to the brokerage, these measures are aimed at protecting margins in a business that has come under pressure from multiple factors, including a decline in revolving credit balances, rising reward-related expenses, the growing adoption of UPI-based payments, and tighter regulatory norms.

Jefferies believes larger issuers, particularly SBI Card and major private banks, stand to benefit from these adjustments as the credit card business remains an important contributor to their earnings.

Shares of SBI Card were trading 1.1% lower at ₹589.85 on Thursday. The stock has declined more than 30% so far in 2026.