The two main aspects of personal financing are investments and wise spending so as to save as much as possible. One of the easiest ways to save money on expenses is credit cards. You may use a credit card for all expenses and save money via rewards points and cashback.
Payment via credit cards can be considered as one of the most advantageous and convenient ways to pay for items. It can also be used for online purchase payments, where cash cannot be used! Apart from the benefit of getting to borrow money, credit cards offer advantages like cashback, discounts, memberships, lounge access, and lots more.
There are many credit cards of varied banks with different benefits. It is vital for users to select the right credit card else they can lose out on many advantages. Users should choose the card after a comparison of different cards available. Credit cards are classified as per benefits offered by them, i.e., entertainment card, travel card, shopping card, and so on. It is quite difficult to select one card as being the best for a user; a credit card that is good for one person may not be ideal for someone other. Consumers should opt for a credit card that takes care of their primary need.
Listed below are the 5 best credit cards in India.
They have been chosen based on different aspects, fees, features, and benefits offered by the cards.
- Citibank Cashback Credit Card
It is the one of the best credit cards for online payment of bills and for watching movies. Consumers also get to regularly save 5 percent every month which is just great.
Charges and fees
- The joining fee, if any, is communicated to the user when the card is issued
- It has an annual fee of INR 500.
- It has a 2.5 percent fee, and a minimum of INR 500, for cash advances.
- The interest rate for the credit card varies between 37.22 percent and 42 percent.
Benefits of Citi Cashback Credit Card
- It comes with option of contactless payments of not more than INR 2000. Users do not need a PIN for such payments. Users just need to tap their card at the terminal to make payments.
- When paid via Citibank Online Bill Pay, 5 percent cashback on payments of utility bills
- 5 percent cashback on payments of phone bills and for cinema tickets
- 5 percent cashback on other kinds of expenditure using the card
- Exclusive benefits on shopping and dining
- Purchases can be made on EMI at more than 2000 electronic, mobile phone, and retail shops.
It may be noted that users need to have a great credit history to get the Citi cashback credit card. Nearly 80 percent of applications get declined due to no credit history. The online application form for the card is lengthy, complex, and tedious; hence, applicants have to be patient when filling it out.
- SBI Simply Click Credit Card
It is a good credit card for online shopping and utility bill payments. This credit card is for salaried people. If the salary is deposited in an SBI bank account, then approval for the card is simple and easy.
Charges and fees
- It has an annual fee of INR 499. This fee is waived off for users who spend INR 100,000 annually.
- The interest rate levied is 40.20 percent
- The renewal fee is INR 499.
- It has a 2.5 percent fee, and a minimum of INR 300, for cash advances
Benefits of SBI Simply Click Credit Card
- An e-gift welcome voucher from Amazon for INR 500
- 10X rewards on expenditures on online sites like Amazon, Cleartrip, BookMyShow, Foodpanda, Lenskart, Zoomcar, FabFurnish, and OLA. 5X rewards for shopping on other online outlets.
- An INR 2,000 e-voucher from Cleartrip for online spending of INR 100,000 per year. Users will get another such voucher if they spend another INR 100,000 the same year.
- Waiver of 2.5 percent on fuel surcharge for a transaction amount of over INR 500.
People need to have a great credit history to get approved for the SBI Simply Click Credit Card. First time applicants, i.e., those with no credit history, can’t avail of this card.
- Standard Chartered Manhattan Credit Card
It is a good credit card for rewards and online shopping. It is the only one which comes with a 5 percent cashback on purchases of grocery. It is a good credit card for salaried individuals who spend about one to two lakhs per year.
Charges and fees
- It has a joining fee of INR 499. This will get waived off if you spend INR 30,000 annually.
- It has an annual fee of INR 999. It is possible for users to get this fee waived off.
- The renewal fee will get waived off if you spend INR 60,000 annually.
Benefits of Standard Chartered Manhattan Credit Card
- 5X rewards when the credit card is used for making payments for dining, hotels, fuel, and reservation of airline ticket
- Cashback of 5 percent on spending at department stores and supermarkets
- Users can earn INR 150 as cashback per transaction and up to INR 500 per month.
Wise use of the Standard Chartered Manhattan Credit Card will allow you to easily make INR 6000 per year, i.e., INR 3000 as cashback and INR 3000 after points are redeemed.
- ICICI Instant Platinum Credit Card
It is a great card for first time users of credit cards. Applicants do not require a credit history as the card is offered by the bank against fixed deposits for customers who have a savings account with ICICI Bank. It is a good credit card for housewives, students, and non-salaried individuals.
Charges and fees
- It has no annual fees or joining fees
- The interest rate levied is 29.88 percent
- It has a 2.50 percent fee, and a minimum of INR 300, for cash advances
Benefits of ICICI Instant Platinum Credit Card
- 3 payback rewards points for each INR 100 that is spent by a customer
- Minimum 15 percent savings on food at more than 800 popular restaurants in 10 Indian cities
- Discount of INR 100 on cinema tickets, two times per month
- Waiver of 2.5 percent on fuel surcharge for a transaction amount of not more than INR 4,000 at HPCL petrol pumps
- The card offers ‘Global Emergency Assistance and Card replacement’
- HDFC Regalia Credit Card
This credit card can be availed by salaried people with gross monthly income of over INR 1, 20,000 and by self-employed people with ITR of over 12 Lakhs annually.
Charges and Fees
- It has a membership fee of INR 2500 for the first year.
- It has a membership renewal fee of INR 2500. It will get waived off for users who spend INR 3 lakhs in 1 year.
Benefits of HDFC Regalia Credit Card
- Complimentary membership to Club Vistara Silver
- Access to airport lounges via Priority Pass membership
- 2 percent fee in lowest foreign currency markup on international payments
- Contactless payments at select merchant outlets
- Up to 15 percent off on dining at posh restaurants in India
- 4 reward points on every expenditure of INR 150. Points can be redeemed at exclusive lifestyle locations
- Convenient payment of credit card bill and interest free credit of up to fifty days
- Waiver of 1 percent convenience fee on fuel payments
- Travel Concierge Assistance service for entertainment and travel customization
- Access to exclusive portal ‘www.hdfcbankregalia.com’
- Comprehensive insurance coverage against varied risks like emergency overseas hospitalization, air accidental death, etc.