Best Credit Card in India: Evaluations and Comparisons of The Best Cards-2024
Vishal Singh
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Best Credit Card in India: Credit cards have now become a millstone of finance in India, changing the way how people buy things, keep records of costs, and build their credit. You almost can’t escape these from the fact they are very convenient. You spare yourself the trouble of carrying cash and usually have the chance to pay later.
But that's not all! A lot of people are grateful that credit cards come with a variety of benefits, ranging from cashback and reward points on daily spending to travel insurance, airport lounge access, and even exclusive discounts.
Top 10 Best Credit Cards in India
4. ICICI Bank Coral Credit Card
5. Citibank IndianOil Credit Card
7. Kotak Mahindra Bank Royale Signature Credit Card
10. RBL Bank Platinum Maxima Credit Card
Detailing The Best 10 Credit Cards in India:
1. HDFC Regalia Credit Card
Designed to cater to frequent travellers and those who enjoy luxury perks, the HDFC Regalia Credit Card offers a plethora of benefits. With complimentary airport lounge access, travel insurance, and exclusive discounts on hotel bookings, this card ensures a comfortable and rewarding travel experience. Earn reward points on every transaction, which can be redeemed for air miles, hotel stays, and other rewards.
2. SBI SimplySAVE Credit Card
Ideal for individuals looking to earn rewards on their everyday purchases, the SBI SimplySAVE Credit Card offers rewards points on dining, groceries, departmental stores, and movies. Enjoy the convenience of fueling up without worrying about surcharges and benefit from annual fee reversal upon reaching a certain spending threshold. Additional add-on cards make it easy to share benefits with family members.
3. Axis Bank Neo Credit Card
Tailored for avid online shoppers, the Axis Bank Neo Credit Card offers discounts on popular e-commerce websites, making it perfect for those who frequently shop online. Enjoy the convenience of a fuel surcharge waiver at all petrol pumps and earn bonus points on achieving monthly spending milestones. Plus, avail add-on cards for family members to extend the benefits.
4. ICICI Bank Coral Credit Card
With its focus on dining, grocery shopping, and entertainment, the ICICI Bank Coral Credit Card is perfect for those who enjoy dining out and watching movies. Benefit from a fuel surcharge waiver at recommended petrol stations and complimentary access to select domestic airport lounges. Earn rewards points on every transaction and enjoy discounts on movie tickets booked through BookMyShow.
5. Citibank IndianOil Credit Card
Designed for frequent travelers and fuel purchasers, the Citibank IndianOil Credit Card offers turbo points on fuel purchases at IndianOil outlets. Enjoy a waiver on fuel surcharge and dining discounts at select restaurants. Earn turbo points on shopping at partner outlets and redeem them for various rewards.
6. Standard Chartered Manhattan Platinum Credit Card
Catering to individuals who frequent supermarkets and department stores, the Standard Chartered Manhattan Platinum Credit Card offers cashback rewards on grocery purchases and discounts at select restaurants. Benefit from entertainment offers such as discounts on cinema tickets and a waiver on fuel surcharge at all fuel stations.
7. Kotak Mahindra Bank Royale Signature Credit Card
The Kotak Mahindra Bank Royale Signature Credit Card offers a comprehensive rewards program, lifestyle benefits, and travel perks. Earn rewards points on every transaction and enjoy exclusive discounts on dining, shopping, and entertainment activities. Benefit from complimentary airport lounge access and other travel privileges.
8. HSBC Visa Platinum Credit Card
Perfect for individuals looking for versatile rewards and exclusive dining and travel benefits, the HSBC Visa Platinum Credit Card offers rewards points on every transaction. Enjoy discounts at select restaurants and exclusive travel offers. Benefit from complimentary lounge access and travel insurance.
9. IndusInd Bank Platinum Credit Card
The IndusInd Bank Platinum Credit Card offers rewards points, lifestyle benefits, and travel perks. Earn rewards points on every transaction and enjoy exclusive offers on dining, shopping, and entertainment. Benefit from complimentary airport lounge access and travel insurance.
10. RBL Bank Platinum Maxima Credit Card
RBL Bank Platinum Maxima Credit Card offers rewards points on every transaction, dining discounts, and exclusive travel benefits. Ideal for individuals seeking rewards, dining discounts, and travel perks.
Bank Credit Cards Features and Benefits?
1. Welcome Benefits: Each of these credit cards offers enticing welcome benefits to new cardholders. Whether it's in the form of bonus reward points, cashback, or vouchers, these welcome benefits are designed to make the cardholder's initial experience rewarding. For instance, the HDFC Regalia Credit Card provides complimentary airport lounge access, while the ICICI Bank Coral Credit Card offers complimentary movie tickets.
2. Rewards: The rewards programs associated with these credit cards allow cardholders to earn points or cashback on their everyday spending. From earning accelerated reward points on specific categories like dining, groceries, and entertainment to earning rewards on all transactions, these credit cards ensure that cardholders are rewarded for their purchases.?
For example, the SBI SimplySAVE Credit Card provides 10X reward points on select categories, while the Standard Chartered Manhattan Platinum Credit Card offers 5 reward points for every Rs. 150 spent.
3. Travel Benefits: For those who love to travel, these credit cards offer various travel benefits such as complimentary airport lounge access, travel insurance coverage, and fuel surcharge waivers. Axis Bank Neo Credit Card, for instance, provides discounts on travel bookings, while Kotak Mahindra Bank Royale Signature Credit Card offers airport lounge access.
4. Dining & Movie Benefits: Foodies and movie buffs will appreciate the dining and movie benefits offered by these credit cards. Whether it's discounts at partner restaurants, complimentary meals, or free movie tickets, these benefits enhance the cardholder's dining and entertainment experiences. ICICI Bank Coral Credit Card, for instance, offers dining discounts, while Citibank IndianOil Credit Card provides bonus turbo points on dining spending.
5. Additional Benefits: In addition to the above features, these credit cards offer a range of additional benefits to enhance the overall cardholder experience. These benefits may include lifestyle privileges like golf access, exclusive discounts on shopping, and concierge services. IndusInd Bank Platinum Credit Card, for example, offers golf privileges along with travel and leisure benefits.
Credit Card Rewards and Cashback
Credit card rewards and cashback programs are incentives offered by credit card issuers to encourage card usage. Rewards points can be accrued through various transactions and can be redeemed for merchandise, travel bookings, or statement credits. Cashback, on the other hand, offers direct rebates on eligible purchases.
1. HDFC Regalia Credit Card
2. SBI SimplySAVE Credit Card
3. Axis Bank Neo Credit Card
4. ICICI Bank Coral Credit Card
5. Citibank IndianOil Credit Card
6. Standard Chartered Manhattan Platinum Credit Card
7. Kotak Mahindra Bank Royale Signature Credit Card
8. HSBC Visa Platinum Credit Card
9. IndusInd Bank Platinum Credit Card
How To Earn and Redeem Credit Card Reward Points?
Credit cards offer more than just convenient spending. They can also be a great way to earn rewards on your everyday purchases. These reward points can then be redeemed for a variety of exciting perks. Let's dive into how you can maximise your credit card points by understanding how they're earned and the different ways you can redeem them for valuable rewards.
Earning Reward Points:
1. Make Purchases: Use your credit card for daily purchases such as groceries, dining, fuel, and online shopping.
2. Special Categories: Utilize your card for transactions in special categories like travel, dining, or fuel to earn bonus points.
3. Milestone Spending: Some cards offer bonus points when you reach specific spending thresholds within a billing cycle.
Redeeming Reward Points:
1. Login to Your Account: Access your credit card account online via the bank’s website or mobile app.
2. Navigate to Rewards Section: Go to the rewards section or loyalty program portal.
3. Browse Rewards Catalog: Select from available redemption options like merchandise, vouchers, air miles, or cashback.
4. Select and Redeem: Choose your desired reward and confirm the redemption. Points will be deducted from your balance.
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Credit Card Eligibility Criteria
Getting a credit card can be a great way to build your credit history and earn rewards for your spending. However, there are certain eligibility requirements that you need to meet in order to qualify for a card. These typically include your age, income, credit score, and employment history. Let's take a closer look at each of these factors.
1. Age: Must be between 18 to 70 years old.
2. Income: Minimum monthly income requirement varies by card, typically ranging from Rs. 12,000 to Rs. 1.2 lakh per month.
3. Credit Score: A good credit score (700 or above) is usually preferred.
4. Employment: Stable employment history with a salaried or self-employed status.
Documents Required
To apply for a credit card, you will need to submit common documents such as proof of identity, address, and income, along with recent passport-sized photographs. These documents ensure verification and eligibility for the credit card application process.
Common Documents Required:
1. Proof of Identity: Passport, Voter ID, Aadhaar card, or PAN card.
2. Proof of Address: Utility bill, Aadhaar card, passport, or rental agreement.
3. Proof of Income: Salary slips, Form 16, IT returns, or bank statements.
4. Photographs: Recent passport-sized photographs.
Credit Card Annual Fees and Charges
Not all credit cards are created equal. While some offer attractive rewards programs, others come with annual fees that can eat into your savings. Explore the annual fees and spending requirements associated with various credit cards in India. Let’s compare fees from banks like HDFC, SBI, Axis, and others to help you decide if a card's benefits outweigh its annual cost. Also, the highlight cards offer fee waivers based on your spending habits.
Annual Fees and Charges:
HDFC Regalia Credit Card
SBI SimplySAVE Credit Card
Axis Bank Neo Credit Card
ICICI Bank Coral Credit Card
Citibank IndianOil Credit Card
Standard Chartered Manhattan Platinum Credit Card
Kotak Mahindra Bank Royale Signature Credit Card
HSBC Visa Platinum Credit Card
IndusInd Bank Platinum Credit Card
RBL Bank Platinum Maxima Credit Card
Other Fees & Charges
Additional Charges:
1. Late Payment Fee: Charged if the minimum payment is not made by the due date.
2. Cash Advance Fee: Charged for withdrawing cash using the credit card, usually a percentage of the amount withdrawn.
3. Overlimit Fee: Fee for exceeding the credit limit.
4. Foreign Transaction Fee: Charged for transactions made in foreign currencies.
5. Balance Transfer Fee: Fee for transferring balances from another card.
How To Activate Credit Cards?
You've received your new credit card. But before you start swiping, there's one last step: activating your card. Walk through the different methods for activating credit cards issued by major banks in India, including HDFC, SBI, Axis, and more. Cover common activation methods like net banking, mobile apps and even activation pages.?
Via Net Banking:
1. Access your net banking account using your credentials.
2. Locate the credit card section or card management option.
3. Choose the option to activate a new card.
4. Provide the required details, such as card number, CVV, and expiry date.
5. Follow the on-screen instructions to confirm and complete the activation process.
Via Mobile App:
1. Launch the mobile banking app on your smartphone.
2. Log in using your username and password.
3. Navigate to the card management section within the app.
4. Look for the option to activate a new card.
5. Enter the necessary card details as prompted.
6. Follow the instructions to finalise the activation of your card.
Activation Page:
1. Go to the official website of your bank.
2. Log in to your account using your credentials.
3. Look for the section dedicated to credit card activation.
4. Input your card details, including card number, CVV, and expiry date.
5. Follow the prompts to submit the information and activate your card.
Credit Cards Login/Net Banking
To access credit card details and manage your account online, you'll need to log in to the bank's net banking portal. This allows you to conveniently monitor your transactions, check your balance, pay bills, and track reward points. Here's how to proceed:
Via Internet Banking:
1. Visit the bank's official website and navigate to the net banking login page.
2. Enter your user ID and password to access your account.
3. Locate the credit card section within the net banking portal.
Via Mobile App:
1. Download and install the bank's mobile banking app from the app store.
2. Log in using your credentials or register if you're a new user.
3. Navigate to the credit card section within the app interface.
How To Compare Credit Cards & Choose The Best One?
Choosing the right credit card can feel overwhelming with all the options available. But don't worry! By following these steps, you can find a card that perfectly complements your spending habits. First, identify your spending habits and what you value most in a card, be it travel rewards, cashback, or low interest rates.?
Then, compare features like rewards programs, interest rates, annual fees, and other charges. Make sure you understand how reward points or cashback are earned and redeemed.?
Don't forget to check your eligibility for the cards you're considering. Researching user reviews and expert opinions can provide valuable insights into the card's benefits and customer service. Finally, some cards offer additional perks like travel insurance, airport lounge access, and concierge services.?
Once you've considered all these factors and identified the perfect card for your needs, you can apply online for a faster and more convenient process.
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Conclusion
What makes the Indian credit card market unique is that the best card for you becomes dependent on your spending habits and lifestyle. Examine the awards, charges, and incentives given by each card and then decide. However, if you frequently travel, this card could offer you advantages for travellers, such as lounge access at airports.?
If you are seeking a card for daily purchases, you can get one that brings in rewards points for groceries and eateries too, which may be more proper. You need to thoroughly collect your options and then choose the best credit card that will suit you the best.
FAQs
Q1: What is the minimum income requirement for a credit card in India?
A1: The bottom-line important factor is you should always check what this minimum income requirement is before applying for the card. Generally, it is within the range of Rs. 15,000 to Rs. 30,000 per month.
Q2: Can I apply for a credit card online?
A2: Yes, many banks and financial institutions in India enable you to place online credit card applications via either their website or mobile app.
Q3: How long does it take to get approved for a credit card in India?
A3: The time that the approval requirement may take depends on the issuer as well as your own credit history. Generally speaking, it's a 7 to 15-day period that it will take to finish processing of credit card applications.
Q4: What documents are required to apply for a credit card in India?
A4: You will need to submit proof of identity, proof of address, and proof of income along with your credit card application.