Find the Best Credit Cards in India 2023
Best Credit Cards in India
While managing your finances, credit cards are a valuable tool that may help you build credit, earn rewards, and enjoy various benefits. However, with so many credit card options available in India, choosing the best one for your needs can take time and effort. That's why we bring you this comprehensive guide to the best credit cards in India.
In this blog, we'll cover the top credit cards in India, grouped by category and benefits. We'll also provide tips on which is the best credit card in India that suits your needs and explain the factors you should consider while comparing credit cards.
Benefits of the Best Credit Card and How to Choose the Best Credit Card in India?
Before we dive into India’s best credit cards, it is essential to understand the benefits of having a credit card and what to look for while choosing the credit card best suited to your needs.
One of the best benefits of having a credit card is the ability to build credit. Using your credit card responsibly and making timely payments can improve your credit score. This may help you qualify for mortgages, better loan interest rates, and other financial products.
The best credit card in India also offers a range of benefits, including rewards programs, cashback offers, and discounts on purchases. Depending on your spending habits and lifestyle, choose a credit card that offers rewards or cashback on specific categories, such as dining, travel, or groceries.
While choosing a credit card in India, several factors need to be considered. These include the annual fee, interest rates, credit limit, and reward programs. You should also consider your credit score, spending habits, and lifestyle to determine which credit card fits you best.
Now that you’ve read about the benefits of having a credit card and what to look for when choosing the best one, let's take a look at the top credit cards in India.
Best Credit Cards in India for Rewards:
HDFC Bank Regalia Credit Card: This is the best credit card in India offering generous dining, travel, and shopping rewards. Cardholders earn 4 reward points for every Rs. 150 spent and can redeem their points for air miles, hotel stays, and other rewards. The annual subscription fee for this card is Rs. 2,500, but it's waived, for the first year.
Citi Rewards Credit Card: With the Citi Rewards Credit Card, cardholders earn 1 reward point for every Rs. 125 spent. The card also offers discounts on dining, shopping, and entertainment. The yearly fee for this card is Rs. 1,000, but it's waived off, for the first year.
Best Credit Cards in India for Cashback:
Standard Chartered Super Value Titanium Credit Card: This best credit card in India offers up to 5% cashback on fuel, phone, and utility bills. Cardholders also earn 1 reward point for every Rs. 150 spent. The fee for this card is Rs. 750 annually.
ICICI Bank Amazon Pay Credit Card: This credit card offers cashback on Amazon purchases, as well as discounts on dining, travel, and entertainment. Cardholders earn 1% cashback on all purchases, 2% cashback on Amazon purchases, and up to 5% cashback on Amazon Prime purchases. The yearly fee for this card is Rs. 500, but it's waived off, for the first year.
Best Credit Cards in India for Travel:
Axis Bank Vistara Credit Card: This credit card offers exclusive benefits for frequent travelers, including free Vistara flight tickets and lounge access. Cardholders earn 4 Club Vistara points for every Rs. 200 spent and can redeem their points for flight tickets, upgrades, and more. The annual fee is Rs. 1,500.
American Express Platinum Travel Credit Card: With the American Express Platinum Travel Credit Card, cardholders can earn reward points on every purchase and redeem them for flights, hotels, and other travel-related expenses. The card also offers travel benefits like lounge access, complimentary domestic airport spa sessions, and travel insurance coverage. This credit card has an annual fee of Rs. 5,000, but cardholders can earn back this amount as a welcome gift and through reward points.
Best Credit Cards in India for Shopping:
SBI Card Elite: This credit card offers exclusive benefits for luxury shopping, including discounts on high-end brands, free movie tickets, and complimentary airport lounge access. Cardholders earn 2 reward points for every Rs. 100 spent and can redeem their points for products, vouchers, and air miles. With an annual fee of Rs. 4,999, you can proceed with the card, but the annual fee is waived off, for the first year.
Axis Bank Neo Credit Card: This credit card offers online shopping, dining, and entertainment discounts. Cardholders earn 10% cashback on Amazon, Flipkart, and Myntra purchases and 5% cashback on other online transactions. The fee you have to pay annually for this card is Rs. 250, but it's waived off, for the first year.
Factors to Consider when Choosing the Best Credit Card in India:
- Annual Fee: The annual fee is the amount you must pay each year for using a credit card. While some of India’s best credit cards offer benefits that justify the annual fee, others may not. So, be sure to choose a credit card with a yearly fee that fits your budget and offers benefits that match your spending habits and lifestyle.
- Interest Rates: Interest rates can vary depending on the credit card issuer and your credit score. Make sure to choose a credit card with a low-interest rate if you plan on carrying a balance on your card.
- Credit Limit: The credit limit is the maximum amount you can spend on your credit card. Choose a credit card with a credit limit that fits your spending needs.
- Reward Programs: Different credit cards offer different reward programs, such as cashback, reward points, and air miles. Choose a credit card with a reward program that matches your spending habits and offers benefits that will be useful for you.
- Additional Benefits: Some credit cards offer other benefits, such as travel insurance, lounge access, and concierge services. Make sure to choose a credit card that provides benefits that match your lifestyle and needs.
Choosing the best credit card in India may be overwhelming at first, but it's essential to consider your spending habits, lifestyle, and financial goals. Whether you're looking for rewards, cashback, travel benefits, or shopping discounts, a credit card in India can meet your needs. By comparing credit cards and considering the factors outlined in this guide, you can choose the best credit card for your needs and enjoy the multiple benefits of responsible credit card use.
The investment options and stocks mentioned here are not recommendations. Please go through your own due diligence and conduct thorough research before investing. Investment in the securities market is subject to market risks. Please read the Risk Disclosure documents carefully before investing. Past performance of instruments/securities does not indicate their future performance. Due to the price fluctuation risk and the market risk, there is no guarantee that your personal investment objectives will be achieved.