Credit Card Launches in Q1 2026: All New Cards in India

Bottom line: Q1 2026 brought a handful of genuinely interesting cards — the SBI-Flipkart co-brand finally gives Flipkart loyalists a reason to ditch cashback workarounds, and HSBC TravelOne is a serious contender for international travellers. Most other launches are incremental at best.

The State of Play: India’s Credit Card Market in Early 2026

The Indian credit card market is in a strange phase. Online spends now account for over 62% of all credit card transactions, according to SBI Card’s own MD Salila Pande. UPI hasn’t killed credit cards — it’s made them complementary. Banks are responding with hyper-specific co-branded cards and travel-forward products that actually try to earn your wallet slot.

But let’s be honest: most “new launches” are minor refreshes or partnerships that don’t change much. Below, we break down every notable card that hit the market in Q1 2026, what’s genuinely worth your attention, and what you can safely ignore.

The Cards That Actually Matter

SBI Card x Flipkart Co-Branded Credit Card

This was the biggest launch of the quarter. SBI Card and Flipkart finally formalised their relationship with a dedicated co-branded card.

Key numbers:

• Up to 5% cashback on Flipkart and Cleartrip transactions
• 7.5% cashback on Myntra purchases
• 1% cashback on all other spends
• No annual fee for the first year (renewal fee waived on Rs 2 lakh annual spend)

Who it’s for: If you’re already spending Rs 5,000+ monthly on Flipkart/Myntra, this card pays for itself. The Cleartrip integration is a nice bonus for domestic flight bookings.

The catch: Cashback is likely capped per billing cycle (details still emerging). And if your Flipkart spending is seasonal — Big Billion Days and nothing else — this isn’t worth a wallet slot year-round.

HSBC TravelOne Credit Card

HSBC quietly launched TravelOne in late January, and it’s been generating buzz on TechnoFino forums for good reason.

Key numbers:

• 2x reward points on all international spends (no category restrictions)
• Complimentary lounge access — 8 international + 8 domestic per year
• No forex markup on international transactions (this is the headline feature)
• Annual fee: Rs 1,500 (waived on Rs 4 lakh annual spend)

Who it’s for: Frequent international travellers who are tired of paying 1.5–3.5% forex markup on every overseas transaction. The zero-markup feature alone can save Rs 3,000–5,000 annually if you’re spending even Rs 2 lakh abroad.

The catch: HSBC’s India customer service remains hit-or-miss. And if you don’t travel internationally at least twice a year, other domestic-focused cards will serve you better.

Scapia Credit Card (Continued Push)

Scapia technically launched in late 2025, but its aggressive Q1 2026 marketing push — and expanded partnerships — make it worth covering here.

Key numbers:

• 10% back on flights booked through the Scapia app
• 1% universal cashback on all other spends
• Zero annual fee, lifetime free
• Travel insurance up to Rs 50 lakh bundled in

Who it’s for: Budget travellers who book 4+ flights a year domestically. The 10% flight reward is genuinely best-in-class for the zero-fee segment.

The catch: Rewards are locked into the Scapia ecosystem. You can’t transfer points elsewhere. And the 1% universal rate is just average.

Quick Comparison: Q1 2026 New Launches

Card	Best For	Top Reward Rate	Annual Fee	Forex Markup	Lounge Access
SBI x Flipkart	Flipkart/Myntra shoppers	7.5% on Myntra	Rs 0 (1st yr)	Standard (~3.5%)	No
HSBC TravelOne	International travellers	2x on intl. spends	Rs 1,500	0%	16/year
Scapia	Budget flyers	10% on flights (in-app)	Lifetime free	Standard (~3.5%)	No

Other Launches Worth a Mention

Minor Refreshes and Co-Brands

• IDFC FIRST Bank continued pushing its lifetime-free cards aggressively but didn’t launch anything structurally new in Q1. Their existing FIRST Classic and FIRST Select remain solid no-fee options.
• Axis Bank teased a refreshed rewards structure for several cards but nothing concrete shipped before March.
• Amazon Pay ICICI saw no changes — it continues to be the default card for Amazon India shoppers, and ICICI seems content leaving it alone.

The Devaluation Elephant in the Room

Reddit’s r/CreditCardsIndia community has been vocal: 2025’s devaluations have made 2026 a “grab the cheapest travel card with 5x on flights and ditch the rest” kind of year. HDFC Infinia and Diners Club Black — once untouchable — are no longer automatic includes. Many users are simplifying to 2–3 cards max, which is honestly the right move.

What to Watch in Q2 2026

• RBI’s revised credit card-on-UPI guidelines could change how reward rates work for UPI-linked credit card transactions. Banks are waiting for clarity before launching UPI-optimised cards.
• HDFC Bank is rumoured to be working on a refreshed Millennia card. Whether it fixes the card’s mediocre reward caps remains to be seen.
• AI-driven personalised rewards — SBI Card’s Salila Pande explicitly mentioned AI-led underwriting and hyper-personalised reward structures. Expect at least one bank to launch a “dynamic rewards” card by mid-2026.

Related Guides on CardTrail

• Best Travel Credit Cards in India — Our full ranking, updated monthly
• Compare Credit Cards Side-by-Side — Pick two cards and see the honest breakdown
• Indian Credit Card Rules You Should Know — Forex markup, RBI regulations, and billing cycle basics explained

Frequently Asked Questions

What new credit cards launched in India in Q1 2026?

The most notable launches were the SBI Card x Flipkart co-branded card, HSBC TravelOne, and the continued expansion of Scapia. Most other banks focused on refreshing existing products rather than new launches.

Is the SBI-Flipkart credit card worth getting?

If you spend Rs 5,000 or more monthly on Flipkart, Myntra, or Cleartrip, yes. The 5–7.5% cashback rates on these platforms are hard to beat. For light Flipkart users, probably not worth the wallet slot.

Which is the best new travel credit card in India for 2026?

HSBC TravelOne is the standout for international travel thanks to zero forex markup. For domestic flights on a budget, Scapia’s 10% flight reward (booked in-app) is the best in the lifetime-free category.

Are credit card reward rates getting worse in 2026?

In many cases, yes. Several premium cards saw devaluations in late 2025, and the trend is continuing. Banks are shifting toward capped cashback and ecosystem-locked rewards. The days of unlimited uncapped points on premium cards are fading.

Should I get a credit card linked to UPI in 2026?

RBI has enabled credit cards on UPI via RuPay, but reward rates on UPI transactions are still lower than swipe or online transactions for most cards. Wait for Q2 2026 when banks are expected to launch UPI-optimised reward structures before making this a deciding factor.

How many credit cards should I have in 2026?

For most people, 2–3 cards is the sweet spot: one travel/rewards card, one cashback card for everyday spends, and optionally one co-branded card for your most-used platform (Amazon, Flipkart, etc.). More than that, and you’re likely losing track of fee waivers and reward caps.