Credit cards are an important form of transaction worldwide. Digital transactions power the globe, and the use of credit cards has grown exponentially and is now acceptable almost everywhere. In India too, the circulation of credit cards is high, and nearly all bank account holders try to obtain a credit card at some point. This article will talk about the best credit cards in India.
Some of the best Credit Cards in India in 2023 are HDFC Regalia Credit Card (Visa), Axis Bank Buzz Credit Card (Master Card), SBI SimplySave Credit Card (Visa), etc.
In recent times, banks have upped their marketing of credit cards and have started doling out attractive offers to consumers. These offer many rewards, points, cashback, and other benefits.
With the COVID-Pandemic only encouraging digital transactions, the race towards becoming the best credit card in India in 2023 is getting more intense.
List Of Best Credit Card In India
As banks are bombarding information through social media and other means, a customer may get confused about which credit card they should apply for. This article helps a consumer navigate various options and choose the best fit!
Look at the exhaustive list of options prepared for you amongst the best credit cards in India and find the right credit card for yourselves!
Credit Cards With Maximum Rewards
As there is no direct distribution of cash (by banks) while providing rewards, rewards-based credit cards have become extremely popular, making them the best credit cards in India. You can consolidate periodic purchases via a credit card award point and use it to claim exciting rewards. These may include air miles, vouchers on apparel, travel, entertainment, and discounts in various places.
HDFC Regalia Credit Card (Visa)
HDFC Regalia Credit Card (Visa) is the Part of the premium credit collection of HDFC, Regalia has a joining fee of ₹2,500 plus 18% GST. The annual fee is the same as the joining fee; however, this can be waived off if a person makes transactions over ₹ 3 lakhs in a year of obtaining the card.
This card deposits 2500 reward points instantly on joining, with each point having a value of 50 paise.
Point(s) Details About HDFC Regalia Credit Card (Visa)
- Payments worth more than $150 towards retail, utilities, or education can earn four reward points.
- Annual spending of ₹ 5 lakhs gives you 10,000 reward points; over $8 lakhs, you can claim an additional 5,000 reward points.
- You can also convert reward points to air miles to purchase air tickets or to use SmatBuy and net banking to purchase discounted goods.
- Regalia provides free access to lounge facilities at selected airports across India and other countries. You can access lounge facilities in 12 Indian cities and six foreign cities.
- While making payments in a foreign currency, Regalia offers a relatively lower currency markup of 2%.
- Any transaction between ₹ 400 to ₹ 5,000 at a fuel station across India rewards you with a 1% fuel surcharge waiver.
- An insurance cover of Rs. one crore is provided in case of death in an air crash. A cover of ₹ 15 lakh is provided if you need to be hospitalized overseas.
- Relatively high annual fee.
- Requires a high net income to be eligible for this card.
- If the annual fee is waived on transactions made above ₹ 3 lakh, the cardholder loses 2,500 reward points given earlier.
Visit: HDFC Regalia Credit Cards
Axis Bank Buzz Credit Card (MasterCard)
With a reasonable cost of ₹ 750 plus 18% GST, the card is the perfect investment for all who are into online shopping.
- Points are awarded in the form of Axis EDGE Reward Points. In some categories, the bank offers, Online or offline redemption is possible for these points.
- All offline purchases made above ₹ 200 yields 2 points, while all online purchases made above ₹ 200 yields 3 points.
Discounts And Other Benefits
- The Buzz card is highly rewarding if purchases are from the e-commerce platform Flipkart.
- 3 vouchers amounting to ₹ 1000 each are provided if three transactions are made within 45 days from activation.
- On every 1st and 5th day of a month, a 10% discount is provided across all categories of products on Flipkart.
- Additionally, a 5% discount is available for orders on Flipkart between the fifth and last day of the month (in any category).
- Select restaurants have a 15% discount offer.
- It is clear that this card offers relatively few incentives and neither insurance nor travel benefits.
- Further, this card is majorly beneficial for the transaction made on Flipkart and does not reap many rewards on purchases made elsewhere.
SBI SimplySAVE Credit Card (Visa)
While most credit cards today focus on incentives for online shopping, SimplySave is one card that provides benefits for offline shopping. It is a low-cost card with an annual fee of ₹ 499 plus 18% GST.
Welcome benefits include a bonus of 2,000 points if the purchase of ₹ 2000 is made within 60 days of activation. These points are goes directly to the cardholder’s account.
Any online transaction falling under dining, movie, and grocery can fetch you 10X reward points. The minimum spending for this must be ₹ 100. Similar spending on other categories gives you one reward point.
SBI gives you the benefit of settling outstanding credit card balances with reward points or purchasing products from select places mentioned by the bank
Waivers and Discounts
Cardholders can transfer their outstanding balance on other credit cards to this card and clear its considerably lower interest rates.
Any transaction between ₹ 500 to ₹ 3000 at any fuel station across India waives off a 1% fuel surcharge.
SimplySAVE has very few incentives for online transactions. You can avail only a single reward point via online payment.
Only offline transactions allow for the acquisition of all points. In offline purchases, the pool of availing points is also quite low.
Credit cards With maximum cashback
Cashback is a reward that attracts many customers, resulting in instant cash deposits into their accounts. There is no doubt that banks always factor in this component to make theirs the best credit card in India.
Yes, Prosperity Cashback Credit Card (MasterCard)
A popular card promoted by YES Bank, this card provides a range of options to the customer for availing cashback on multiple purchases. It comes with a joining fee of ₹ 999 plus 18% GST.
Cashback & Offers
The cardholder making a transaction of at least 2500 within a month receives a payback of 250 the moment card activates.
Every transaction done on retailing gives you a 0.5% cashback, and every purchase done on grocery, travel, or dining gives you a 5% cashback. A 5% instant cashback is also provided on bill payments. These transactions can be online as well as offline. A foreign currency markup of 3.4% is provided. 1% fuel surcharge can be waived off if payments are made at any fuel station in India, ranging from ₹ 400 to ₹ 5000.
- There are very few amenities covering the hospitality sector, such as lounge access in airports or discounts in lounges.
- There is no insurance cover provided.
- Comparing with the joining fee, the foreign currency markup is fairly very high.
HDFC Millennia Credit Card
Although there is a significant annual charge for the HDFC Millennia Credit Card ($1000 + 18% GST), it comes with a wide range of perks that can woo customers. Another feather in its cap is that the brands partnering with this card are rather popular and trending.
- In the form of CashPoints, Cashback having a value of ₹ 1 is given with each CashPoint.
- These CashPoints have a lifetime of 2 years and can be use for booking flights and hotels or clearing outstanding credit card balances.
- Interest-free credit period for 50 days from the day of purchase.
- Airport Lounge access at domestic destinations is provided twice a calendar year at a nominal cost (less than ₹25).
- Any transaction between ₹ 400 to ₹ 500 at any fuel station across India will waive a 1% fuel surcharge.
- For your CashPoints to be redeemable, a minimum of 500 CashPoints must be present.
- There is an upper limit of ₹ 1000 is there for CashPoints in a billing cycle.
- A non-financial disadvantage is that there is an upper age limit of 40 years is there to avail of this card.
Visit: HDFC milliennia credit card
Credit Cards With Travel Benefits
One of the best ways to spend hard-earned money is to enjoy yourselves at different locations across the country and the world. What if you get benefits on your travel expenses as well? That’s why credit cards always come with some use, covering travel and tourism expenses.
A credit card with a travel perk has such strong marketing potential that it is consistently listed as one of the best credit cards in India.
SBI IRCTC Credit Card (Visa)
Primarily designed for consumers utilizing the IRCTC website, this card provides a fantastic opportunity to travel via IRCTC. It comes with a minimal annual fee of ₹500 plus GST.
- 10% value back (reward points) on purchasing train tickets from the IRCTC website for classes 1AC, 2AC, and 3AC.
- Every purchase costing ₹125 or more done on IRCTC or any other retail store yields a single reward point.
- The 1.8% transaction charge is waive off while booking train tickets on the IRCTC website.
- The first cash withdrawal within a month of card activation gives you a ₹ 100 cashback.
The biggest disadvantage is that this card leans completely on the IRCTC website and services. There is little scope for the cardholder to earn rewards on other travel entities.
Should I be worried about the network while choosing credit cards?
Networks or more specifically payment processing networks act as a bridge between your bank, yourself and the entity you have made a payment. If other parameters and perks are to your satisfaction in a credit card, then networks are not something you must worry about. It is advisable to use credit cards belonging to networks such as Visa, MasterCard, RuPay etc.
Is GST applicable only at the time of purchasing a new card?
Every card has something known as the joining fee and the annual fee. Sometimes, the joining fee can be lesser or higher than the annual fee, however, in both kinds of fees, 18% GST is levied and the customer is obligated to pay this cost.
Should I obtain multiple credit cards for maximum benefit?
It is true that various credit cards bring with them all kinds of benefits. However, it is highly recommended that you do not buy many credit cards. Firstly, keeping multiple credit cards unnecessarily burdens you financially with paying an annual fee for all these credit cards. Secondly, multiple credit cards result in you submitting personal information to different banks and credit companies, this can increase the chances of financial fraud. Thirdly, you would have to pay interest on credit on every credit card you keep.
Is there any single best credit card in India?
The sheer number of banks, financial companies and offers provided by these entities make it impossible for a single credit card to be judged the best credit in India. At best, we can compare various credit cards, narrowing it down to the best of the best.
All credit cards may claim to be the best rewards credit card in India or the best credit cards in India; however, thorough research can easily debunk these claims. While many credit cards are available in the market, we have discussed the ones that are pocket friendly and can give exciting returns on investment. Remember, the best credit cards in India ease your expenses and do not make you shell out exorbitant membership fees for a small number of rewards.
- 1 List Of Best Credit Card In India
- 1.1 Credit Cards With Maximum Rewards
- 1.1.1 HDFC Regalia Credit Card (Visa)
- 1.1.2 Axis Bank Buzz Credit Card (MasterCard)
- 1.1.3 SBI SimplySAVE Credit Card (Visa)
- 1.2 Credit cards With maximum cashback
- 1.3 HDFC Millennia Credit Card
- 1.4 Credit Cards With Travel Benefits
- 1.1 Credit Cards With Maximum Rewards
- 2 FAQs
- 3 Conclusion