Credit cards have become an integral financial tool for most. It gives rewards, cashback, and much more financial flexibility. But then again, among many choices, selecting the best credit card and bank can be challenging. So here are some of the best banks in India for credit cards along with their key offerings, benefits, and fees to help you decide.
Factors to Consider When Choosing a Credit Card Bank
1. Credit Card Eligibility
Eligibility for the credit cards is different at every bank. You would be mostly asked for certain income proofs and having good credit ratings for issuing you a credit card. One should crosscheck this requirement before filling out an application form of credit cards.
2. Annual Fees and Hidden Charges
Most credit cards charge an annual fee, but some waive fees if the cardholder reaches certain spending thresholds. Terms and conditions should be read thoroughly to avoid hidden fees, such as foreign transaction charges, late payment penalties, and cash withdrawal fees.
3. Rewards and Cashback
Many credit cards issue rewards, cash back and discounts while shopping, improving your shopping experience dramatically. Other reward categories include in dining, travel, and fuel.
4. Customer Care and Support
Dealing with financial products is rather sensitive. Sensitive is one who shall require good and responsive customers’ services in case he has inquiries or needs them to clear up a possible dispute.
5. Interest rates
Knowing the interest rates (Annual Percentage Rate or APR) on credit card balances is important. The total cost of using the card adds up quickly when carrying a balance with high interest rates.
Best Banks for Credit Cards in India
Here are some of the best banks in India offering top-notch credit cards with unique benefits and features.
1. HDFC Bank Credit Cards
Best Credit Cards:
•HDFC Regalia Credit Card
•HDFC Millennia Credit Card
•HDFC MoneyBack Credit Card
Benefits: HDFC Bank is one of the best banks in India that offers a range of credit cards to meet the needs of different customers. Their cards are very famous for their rewarding programs, giving points for every purchase that can be redeemed for traveling, shopping, and dining.
Regalia Credit Card: This credit card offers high-end benefits like free airport lounge access, 1% cash back on all spends, and exclusive offers in dining, shopping, and traveling. It also offers air miles for every spend, a good choice for frequent flyers.
Millennia Credit Card: This credit card is especially designed for young professionals, where one gets 5X reward points on online shopping, dining, and other categories along with access to some exclusive lifestyle benefits and offers.
MoneyBack Credit Card: Good for daily expenses, it provides cash back on all spends and has become a favorite among those seeking easy reward schemes without complicating the points system.
Eligibility: Varies by card, but typically, a minimum annual income of ₹4 lakh and a good credit score.
2. ICICI Bank Credit Cards
Best Credit Cards:
•ICICI Platinum Chip Card
•ICICI Coral Credit Card
•ICICI Amazon Pay Credit Card
Benefits: ICICI has a range of credit cards that cater to different spending habits. Excellent in customer service and robust reward programs, they are a good choice for any one seeking diversity in the offers.
ICICI Platinum Chip Card: Offers added safety with a chip and boasts benefits such as waiver for fuel surcharge, cash back on various transactions, and offers of discounted dining and shopping.
ICICI Coral Credit Card : This card gives its customers specific lifestyle deals, free movie tickets, and 2 Payback points for every ₹100 spent on the chosen categories.
ICICI Amazon Pay Credit Card: The credit card is best for people who use Amazon; they get 5% cashback on purchases from Amazon India, and 1% cashback on all other spends. There is no fee to buy from Amazon either.
Eligibility: It requires a minimum annual income of ₹3 lakh and above.
3. SBI Cards
Best Credit Cards:
•SBI Elite Credit Card
•SBI SimplyCLICK Credit Card
•SBI Card PRIME
Benefits: The State Bank of India, one of the largest public sector banks has credit cards of all kind having lucrative rewards. Their credits are offering benefits ranging from travel benefits to shopping rewards.
SBI Elite Credit Card: This card provides some awesome benefits, such as 2,000 reward points joining bonus, free lounge access, 10X reward points for dining, and golf membership free. It offers premium lifestyle deals.
SBI SimplyCLICK Credit Card: For the online shopper, 5X reward points are provided on shopping through websites like Amazon, Flipkart, and Cleartrip, which is highly suitable for frequent buyers of e-commerce.
SBI Card PRIME: It gives 2X rewards on grocery, dining, and all other daily purchases. Along with this, it offers airport lounge access exclusively, which makes it a great choice for travel enthusiasts.
Eligibility: It usually requires an annual income of ₹6 lakh, but the requirement might vary for different cards.
4. Axis Bank Credit Cards
Best Credit Cards:
•Axis Bank Miles & More Credit Card
•Axis Bank Insta Easy Credit Card
•Axis Bank Vistara Credit Card
Benefits: Axis Bank has credit cards for travellers, shoppers, and daily users. Its cards offer wonderful rewards, cashback, and discounts.
Miles & More Credit Card: For those who frequently fly, the credit card offers miles which can be redeemed for air tickets and hotel stays. The card gives 3 miles on every ₹200 spent on international spends and 2 miles on domestic purchases.
Insta Easy Credit Card: This is the credit card for a first-time credit card user with features like no annual fee and high credit limit.
Vistara Credit Card: For people who travel frequently in Vistara Airlines, this card offers air miles for every purchase and discount on Vistara flights.
Eligibility: a minimum annual income of ₹4 lakh, though this could change depending on the credit card type.
5. Citibank Credit Cards
Best Credit Cards:
•Citi PremierMiles Credit Card
•Citi Rewards Credit Card
•Citi Cash Back Credit Card
Benefits: Citibank is well known to offer great reward credit cards with acceptance in all other parts of the world. The best card for people travelling much or cash back in all of their purchases
PremierMiles Credit Card
For people who often travel, this credit card earns 10 miles per every ₹100 spent internationally, and 4 miles per domestic transaction. Miles of these cards can be redeemed by flight with the help of different airline partners.
Rewards Credit Card: Earns 10X reward points on categories like dining, entertainment, and shopping. The reward points can be redeemed in the form of merchandise, vouchers, or air miles.
Cash Back Credit Card: Earns 5% cashback on categories such as dining, groceries, and utility bills, while earning 1% cashback on all other purchases.
General Eligibility: ₹6 lakh per annum income required.
6. Standard Chartered Credit Cards
Best Credit Cards:
•Standard Chartered Manhattan Platinum Credit Card
•Standard Chartered DigiSmart Credit Card
Benefits: Standard Chartered offers credit cards with attractive rewards programs and unique features like cashback and discounts.
Manhattan Platinum Credit Card: This is a favorite for shoppers, offering 5% cashback on grocery and supermarket purchases, and 1% cashback on all other transactions.
DigiSmart Credit Card: A fantastic card for people who want to earn rewards on their digital and online spends. Provides cashback on online shopping, utility bills, and so on.
Eligibility: Minimum income is ₹4 lakh per year.
How to Apply for these Credit Card
1. Research: Begin by going through the various credit cards offered by different banks and finding one that best suits your needs.
2. Check Eligibility: Ensure you meet the income and credit score requirements for the card you want.
3. Fill Out the Application: You can apply online by visiting the bank’s website or offline by visiting the nearest branch.
4. Submits Documents: They must be willing to present documents such as their identification, address, source of income, and bank statements.
5. Waiting for Approval: The person who qualifies will see that the application is being processed, and the card issued in a few days time.
Smart Tips for Maximizing Your Credit Card Benefits
Keep Track of Your Expenditure: Take good care of your credit card usage so as not to overspend and set a budget for yourself and stick with it.
Use Rewards: Convert your reward points and cash backs into real money by collecting them frequently.
Maintain Low Credit Utilization Rate: Maintain credit utilisation at a level below 30% to boost your credit score.
Choosing the best credit card bank in India depends on your individual needs, whether you are looking for cashback, rewards, or travel perks. Banks like HDFC, ICICI, SBI, Axis, Citibank, and Standard Chartered offer a wide variety of cards with unique benefits. Carefully evaluate the features, fees, and eligibility before applying for a card. With the right credit card, you can maximize your spending potential and enjoy various perks and rewards.