Best Credit Cards in India
It might be challenging to choose credit cards that fit your requirements and lifestyle among the various possibilities available. Most credit card issuers provide a range of cards, each with its features, criteria, and fees. So, if you're looking for a credit card that's appropriate for you, this article discussed the most popular credit cards from India's leading credit card issuers in 2022, with unmatched benefits like cashback, rewards, and discounts on shopping, petrol, and travel.
What is a Credit Card?
A credit card is a small plastic card issued by a bank, building society, or other financial organization that enables the cardholder to make purchases on credit. If you're new to credit cards, here are the advantages and disadvantages of a Credit card.
Advantages of Credit Cards
- Credit cards offer special discounts and incentives to encourage the use of the card. These may be in cashback, discounts, or points, which can be redeemed for airline miles and used to pay off the balance.
- If you want to make a purchase but don't have the cash on hand, you can pay it from your credit card. You may also pay for your item using a credit card in equal monthly instalments rather than a lump payment. It is more economical to pay for an asset with EMIs than a loan.
- Credit cards keep note of every transaction made with the card, and your monthly credit card statement includes a detailed summary. This may monitor and determine your expenditures and purchases, which is useful when making a budget or paying taxes.
Disadvantages of Credit Cards
- Invisible costs: A credit card has a variety of hidden fees that may mount up over time. Taxes and fees apply to credit cards, such as late fees, membership fees, subscription fees, and processing fees. Missing a card payment may lead to penalties, and making many late payments may decrease your credit limit, lowering your credit score and threatening your future credit chances.
- The interest rates on credit cards are rather high. If you do not pay your bills by the due date, the balance will be carried forward, and interests will be imposed. On purchases made beyond the interest-free period, this interest accumulates over time.
- Credit card fraud may happen to everyone, even if it is infrequent. It is now feasible to clone a card and obtain access to confidential information, enabling another person or organization to make transactions on your card. Check your bank records for odd investments and notify them right away if you suspect card theft. Typically, banks may eliminate fees if a copy is produced, so you will not be responsible for the robber's transactions.
Best Credit Cards in India are-
1. SBI Card Simply Click
SBI credit card is the finest credit card for online or e-commerce shopping in India. For individuals searching for the most widely recognized credit card in India for shopping, this credit card offers incentives and bonuses. This is a wonderful credit card for online shoppers.
Customers gave five stars rating to this credit card. The joining price is INR 499, and after the second year, you'll have to pay INR 499 as an annual payment to keep your account active. Your annual fees are waived when you spend more than INR 1 lakh per year.
- Amazon will send you a welcome e-gift voucher of INR 500.
- With this SBI Simply Click Credit Card, you may earn 5x points when shopping on other websites.
- For every lakh Rupees spent with this card, you will earn e-vouchers worth INR 2,000 annually.
- The fuel cost is waived when the purchase is somewhere between INR 500 and INR 3000.
2. SBI Credit Card Elite
One of the most useful credit cards for lounge access and shopping is the Elite SBI Card. It's one of India's top credit cards. A credit card fraud liability insurance of INR 1 lakh is included with this card. It received 4.5 out of 5 ratings from customers. Annual fees: INR 4,999/- (Add-on Fees: NIL)
- SBI will give you an INR 5,000 welcome gift voucher.
- You may earn 5X points by shopping at department shops, grocery stores, and restaurants.
- You will also gain 2 points for every INR 100 spent on other transactions.
- You may receive complimentary movie tickets worth INR 6,000.
- Free entrance to two domestic airport lounges is available in each quarter of India.
3. Platinum Rewards Card from Standard Chartered
If you don't want to pay yearly fees or avoid annual fees, this is the best credit card. Compared to other cards, a 5 percent incentive on food purchases at supermarkets and department shops isn't available on the Standard Chartered Manhattan credit card. Customers gave it a 5 out of 5 stars rating. There are no recurring charges on this credit card.
- Book My Show coupon of INR 250 will be given as a welcome gift.
- If you complete the purchase within 60 days, you will get 1000x points. Additionally, registration for online banking earns you 500x points.
- Purchasing petrol, a hotel room, or a meal worth more than INR 150 will get you 5 points.
- You get the point with every INR 150 spent in all other categories.
4. Citi IndianOil Platinum Credit Card
An appropriate credit card for fuel purchases in India is the IndianOil Citi Platinum Credit Card. It may also be used for shopping. Almost every transaction earns you points. Customers gave it a 4.5 out of 5 stars rating. Moreover, the annual fee of this credit card is INR 1,000. See what this card offers you by reading the following benefits below.
- You get 4 points for every INR 150 spent on petrol (one Point equals INR 1.). Furthermore, the fuel fee is not charged. You may obtain up to 71 litres of gasoline-free every year if you earn enough points for 1 litre of fuel.
- Every INR 150 spent in department shops and grocery stores earns you points.
- For every INR 150 spent on eating and shopping, you will get 1 Turbo Point.
5. ICICI Platinum Instant Card
If you don't have a CIBIL score or have a poor credit score, you must submit it when registering for a credit card or a loan. In such a case, it would provide you with a credit card in return for an ICICI bank fixed deposit (FD). Homemakers and college students would be well served by using this service. Customers gave it a 4.5 out of 5 stars rating. There are no recurring charges on this credit card.
- Twice a month, you get INR 100 off on movie tickets. You will also gain three points for every INR 100 spent.
- You may save 15% at 800 of India's greatest restaurants.
- When you spend more than INR 399 on petrol, your fuel fee is waived.
6. RBL Bank Titanium Delight Card
India's RBL Bank was founded in 1943 and is a nationally recognized commercial bank. Customers rated it 4.5 stars out of 5 stars. Annual fees: INR 750/- (The annual fee is eliminated with a minimum of INR 1,000,000 spent per year from the second year forward.) You will get a gift voucher after your first purchase in 30 days.
- If you spend a minimum of INR 10,000 within 60 days of acquiring your card, you will earn 1000 extra points.
- For every INR 100 spent on all transactions, you will gain points. (For example, food, transportation, meals, utility bills, etc.)
- Spending a minimal amount of INR 1,20,000/- in a year earns you 4000 extra points.
- The Book My Show website may provide you a free movie ticket once each month for booking a movie ticket on Wednesdays.
- If you shop for groceries on Wednesdays, you may be eligible to get reward points equal to 5% of your total purchase price.
- For online pizza orders placed on Wednesdays, Domino's/Pizza Hut offers a 10% discount.
- The gasoline fee is waived with the Titanium Delight Credit Card.
7. Manhattan Credit Card from Standard Chartered
Regarding cashback and shopping in India, Standard Chartered Manhattan Credit Card is unrivalled; customers rated it 4.5 stars out of 5. The first year's fee is Rs. 499, while the second year's fee is Rs. 999. The charge may be removed if you spend more than Rs. 30,000 on your credit card.
- This is the only credit card that rewards you 5% on food purchases made at department shops or supermarkets.
- When you use this credit card to pay for items like petrol, guesthouse bills, plane tickets, and so on, you'll get 5x points.
- Another excellent benefit is the monthly cashback of up to Rs. 500 when you are using your Standard Chartered Manhattan Credit Card.
Choose the one that best fits your needs and expectations. Do not overspend on your credit card. There is no better method to make payments in a cashless economy if you can monitor your expenditure.