Best Credit Card in India
Top 5 of the Best Credit Cards in India
Are you looking for the best credit card in India that offers outstanding customer service and great incentives If you are frustrated with your current credit card, then you may want to consider these top 5 options when it comes to a reliable credit card in India. Read along for the key features, rewards, and services you can expect, so you can make an informed decision.
Which credit card is best in India?
It depends on the requirement and may vary from person to person.
Are you looking for best credit cards for rewards?
Are you looking for best credit cards for cashback?
Depending on your answer, you need to select a credit card that is best for you.
Below is a list of credit cards from different credit card companies along with their features and annual fees.
Best Credit Card in India
Most people agree that ICICI is the finest credit card in India because of obvious reasons. For instance, you may apply for a credit card based on your tax returns or salary slip if you reside in selected areas in the country such as Bangalore. Additionally, you may get your very own ICICI instant credit card if you have an existing account at the bank. If you plan to apply for this type of card, all you need is to proceed to any ICICI branch and open a minimum Fixed Deposit amount of Rs. 20,000. You will receive your instant credit card upon opening an account with the bank.
ICICI credit card
What’s great about the instant credit card by ICICI is the surprisingly low interest fee, which does not exceed 2.5 percent monthly. This rate is much lower, as compared to cards based on the tax return or salary slip that ranges from 3 to 4 percent. You can also choose from three options for your instant credit card such as the gold, platinum or titanium. Keep in mind, though, that there is a 9.25 percent interest rate for your fixed deposit account.
The card includes 85 percent of your fixed deposit as your credit limit. Each time you spend at least Rs. 100 with this card, you will receive three reward points that are redeemable at www.payback.in. Among the items you can choose from include useful items such as gadget accessories and a petrol card, which can help you save more money.
Based on statistics, HDFC is the leading company in the credit card industry with nearly 28 percent in market share. However, most customers claim that HDFC is notorious for its high fees for credit cards, although the application for a card is relatively easy. All you need is to open an account and maintain the required quarterly average amount balance, which is Rs. 20,000. When you have kept the balance to more than 20,000, you may proceed to any branch of HDF and apply for a credit card, which you can receive after 7 to 14 business days.
HDFC credit card
If you have an existing salary account at HDFC, you only need to submit your salary certificate before you can get your card, and there is no QAB for you to maintain. While the bank offers payment options such as internet banking, some people dislike the massive markup fees that are between 3 to 5 percent of the particular transaction amount, which is on top of the currency conversion fee by VISA.
3. SBI Credit Card
SBI credit cardAt SBI, you may apply for a credit card against the fixed deposit amount of at least Rs. 20,000 with a maximum of 75 percent credit limit.
Upon submitting your application requirements, you may have to wait for at least one to two weeks before you can receive your card. Although the card offers perks and incentives to loyal customers, the charges can be quite expensive.
Presently, SBI card users get one reward point for a minimum Rs. 100 spent, and the points may be redeemed at the credit card company’s website.
Unfortunately, there are limited options when it comes to the items you can buy with the points you have incurred.
For greater convenience, you may choose to view your transactions or make your monthly payments online. However, it does not offer instant repayment, so it takes at least two days before the paid amount to be credited in your account.
4. Canara Bank
Canara introduced their credit cards to public just a few years back, and it may take several weeks before you can receive your card. The main requirement is the Income Tax Return, and Canara does not accept a salary certificate for credit card applications. Upon sending in all the required documents, the waiting period takes anywhere between one to two months.
Furthermore, there are limited options in paying for your balance, and the monthly statement may take a long time before it is sent to you. In fact, other customers claim to have received their monthly statement of account after three or four months. Fortunately, there are incentives that make up for the limitations of this credit card company. Among the best features include the zero-interest fees for your cash withdrawals via ATM, as long as the amount is settled prior the due date. There is also a reward program, which entitles you to one point for a minimum Rs. 100 purchase. Each point is equivalent to Rs. 0.50.
5. Standard Chartered
Another good credit card in India that is worth considering is Standard Chartered. The company offers notable features such as a 5 percent cashback on your petrol or telecom, as well as 1 percent cashback on any retail purchases. You will also be entitled to two reward points whenever you spend at least Rs. 100 using this card. As for the credit and cash advance limit, customers will only be notified upon the issuance of the credit card.
SC credit card
Standard Chartered offers the balance transfer option, which enables you to transfer your existing balance from your other credit card to the Gold Rewards card by Standard Chartered. This also entitles you to competitive interest rates that will suit your budget. Moreover, you may go for the revolver facility or a flexible payment plan using your revolving credit. With this, you can pay a minimum of 5 percent of your current balance each month. The payment options are also extensive such as internet banking, VISA money transfer, BillDesk, ECS, or IBFT/NEFT.
So What is the Best Credit Card in India for you?
Although there are several options when it comes to the best credit card in India, the finest one for most customers is the ICICI credit card. You will appreciate the fact that it does not require markup fees for every foreign currency transactions, and you can get massive savings because of the free petrol each month by simply redeeming your reward points. Lastly, you can get maximum benefits by joining the privilege member club for even better rewards and incentives monthly. With all these things in mind, ICICI is the excellent credit card company that will meet your needs, budget and lifestyle.