Top 10 Best Credit Cards in India in 2022
Choosing credit cards that match your needs and lifestyle from the many options available can be difficult. Most credit card providers offer a number of different cards, each with its own set of benefits, eligibility conditions, and fees. So, if you’re looking for a credit card that’s appropriate for you, here are the most accepted credit cards of 2022 from India’s biggest credit cards issuers, with unrivalled benefits such as cashback, rewards, and discounts on shopping, gasoline, and travel, among other things.
For users with varying income levels and credit histories, these cards provide best-in-class rewards in areas like shopping, travel, and cashback.
Credit Cards Benefits and Drawbacks
With their simplicity of use and handy payback possibilities, credit cards have become an integral part of our lives. A credit card’s discounts, incentives, and bargains are unrivalled by other financial products and promise a jackpot for the intelligent user. On the other hand, credit cards can become debt traps if not handled wisely or if you spend more than you can repay when the bill arrives.
If you’re new to the world of credit, here are the benefits and drawbacks of your small plastic card.
Credit Card Advantages:
a. Easy access to credit: The advantage of a credit cards are their ease of access to credit. Credit cards operate on a deferred payment system, which means you can use your cards now and pay for your purchases later.
b. Establishing a credit line: Credit cards helps to build up a credit line. This is important since banks can see an active credit history based on your card payments and usage. Banks and financial institutions use credit cards to analyse loan applicants’ creditworthiness, making it an essential step for a loan or rental application.
c. The EMI option: If you want to make a purchase but don’t want to use your funds, you can put it on your credit card to defer payment. In addition, you can choose to pay off your purchase in equal monthly instalments, avoiding paying a sum and depleting the account. Using EMI to pay for an asset is cheaper than taking out a loan.
d. Offers and incentives: credit cards provide offers and incentives to entice you to use your card. These can be cash back, discounts or points, which can subsequently be redeemed for air miles or used to pay down the remaining amount.
e. adaptable Credit: Credit cards have an interest-free period, which is when outstanding credit is not charged interest. You can get free, short-term credit for 45-60 days if you pay off the entire balance owing on your credit card bill before the due date.
f. Keeping a record of expenses: Credit cards keeps track of every purchase made with the card, and a complete list is delivered with your monthly credit card statement. This can be used to determine and track your spending and purchases, which can be helpful when creating a budget or filing taxes.
Credit cards drawbacks:
a. Minimum due trap: The disadvantage of a credit card is the minimum due amount stated at the top of a billing statement. Many credit card holders are misled into believing that the minimum amount is the whole amount owed.
It is the bare minimum that the corporation wants you to pay to continue receiving credit facilities. As a result, people believe their bill is small and spend even more, accumulating interest on the balance, quickly adding up to an unsustainable amount.
b. Invisible expenses: there are a lot of hidden charges that can add up over time in a credit card. Credit cards are subject to taxes and fees, including late payment costs, membership fees, renewal fees, and processing fees. Missing a card payment may result in a penalty, and repeated late payments may result in a reduction in your credit limit, which will harm your credit score and future credit prospects.
c. Overuse easiness: Because your bank balance remains the same with revolving credit, it may be tempting to charge all of your purchases to your card, leaving you uninformed of how much you owe. This could result in you overspending and owing more than you can pay back, thus starting the debt cycle and interest rates on your future payments.
d. Interest rates are incredibly high: If you do not pay your bills by the due date, the amount is carried forward, and interest is levied. This interest is accumulated overtime on purchases made after the interest-free period. Credit card interest rates are relatively high.
e. Credit card theft: Even when uncommon, a person may become a victim of credit card fraud. With technical improvements, it is now possible to clone a card and gain access to personal information, allowing another person or entity to make purchases on your card. Examine your statements for unusual investments, and alert your bank immediately if you suspect card fraud. If the copy is established, banks will usually waive the fees, so you won’t have to pay for the thief’s transactions.
How to Use a Credit Card Correctly:
Keep the following tips in mind to prevent becoming in debt by credit card spending:
- Read the fine print to ensure that you know all the fees and terms that apply to your card.
- Spend no more than you can afford to repay.
- Avoid charging daily purchases to your card so you can keep track of your expenditures.
- Check your credit limit regularly, and cut back on spending when you reach 40% of your available credit limit.
- Choose an EMI option for large purchases made with your card to avoid paying interest on pending amounts.
- Always maintain at least 40% of your credit limit available for emergencies.
- Plan your purchases and only use your credit card for pre-planned purchases. Avoid using your credit card for impulsive purchases.
- To prevent interest costs, attempt to pay your credit card bills in full.
- Never miss a card payment because it will increase charges and a significant penalty.
- If you’ve overspent on your credit card, contact your bank. They may be able to assist you in developing a repayment plan with interest to keep you from slipping further into debt.
- Use the ideas above to avoid credit card debt traps and enjoy a stress-free future with your credit cards.
Now Check out the Top 10 Best Credit Cards in India in 2022
1. Platinum Rewards Card from Standard Chartered
If you don’t want to pay annual fees, this is the card for you. The Standard Chartered Manhattan credit card does not offer a 5% reward on grocery purchases made at supermarkets or department shops when comparing credit cards.
5 out of 5 stars from customers.
There are no annual fees.
Key Advantages:
- As a welcome, you will receive a BookMyShow certificate worth INR 250.
- You will gain 1000x points on completing the transaction in 60 days. Furthermore, registering for internet banking gives additional 500x points.
- You receive 5 points on spending INR 150 or more on petrol, a hotel, or a restaurant.
- You gain a point for every INR 150 spent in all other categories.
2. Citibank Cash Back Credit Card
One of India’s top ten best credit cards for cashback on online purchases like cinema tickets and utility bills.
5 out of 5 stars from customers.
Fees per year: It costs Rs. 500 per year.
Key Advantages:
- You can get 5% cashback on your utility bills. For example, electricity bills, cell phone bills, and so on.
- You will receive a 5% cashback when you book movie tickets online.
- You receive 0.5 per cent cashback on all other purchases made with this credit card.
- If you spend more than INR 5000/month (i.e. INR 5000 * 12 = INR 60,000 per year) using this card, I would only recommend it if you want to get the most out of it.
3. Credit Card with Citibank Rewards
This is for those looking for earning extra points in India. You can convert points to purchase fantastic offers, gift cards, and other things.
4.5 out of 5 stars from customers.
There are no annual fees.
Key Advantages:
- You earn 10x points for every INR 125 spent on department stores and clothes.
- All other purchases get you 1x point for every INR 125 spent.
- This is an International Credit Card with benefits for spending in India and globally.
- Citibank Rewards Credit Card Easy Application Link
4. Citi IndianOil Platinum Credit Card
It is perfect for fuel purchases in India is the IndianOil Citi Platinum Card. It is also suitable for shopping. Almost every form of transaction gives points. Take a look at the perks of this card listed below.
4.5 out of 5 stars from customers.
Fees per year: INR 1,000/- (Annual card fees are waived with minimum annual spending of INR 30,000.)
Key Advantages:
- Every INR 150 fuel transaction earns you 4 points (one Point equals INR 1.). In addition, the fuel surcharge is waived. With the total earnings of points per 1 litre of gasoline, you can get up to 71 litres of gasoline-free every year.
- You get points for every INR 150 spent at department stores and grocery stores.
- You can earn 1 Turbo Point for every INR 150 spent on dining and shopping.
5. ICICI Platinum Instant Card
When applying for a credit card or a loan, you must provide your CIBIL score if you do not have one or a low credit score. In that situation, it provides you with a credit card in exchange for a fixed deposit (FD) with ICICI bank. This is a good choice for not salaried people, like students or homemakers.
4.5 out of 5 stars from customers.
There are no annual fees.
Key Advantages:
- You receive INR 100 off cinema tickets twice a month. In addition, for every INR 100 spent, you will receive three points.
- You get 15% off at 800 of India’s best eateries. Please refer to the list of restaurants with banks where this deal is valid.
- Your fuel surcharge is eliminated when you spend more than INR 399 on fuel.
You can apply for a credit card and speak with an ICICI bank agent for more information.
6. Credit Card Elite SBI
The Elite SBI Card is one of the most important credit cards for lounge access and shopping. It is one of India’s top ten credit cards. This card comes with an INR 1 lakh credit card fraud liability cover.
4.5 out of 5 stars from customers.
Fees per year: INR 4,999/- (Add-on Fees: NIL)
Key Advantages:
- SBI will send you a welcome Gift Voucher worth INR 5,000 (you can choose from various lifestyle brands and travel partners, including Hush Puppies/Bata, Yatra, MakeMyTrip, Marks & Spencer, Pantaloons, Shoppers Stop, and others).
- Spending at department stores, grocery stores, and restaurants earns you 5X points.
- In addition, for every INR 100 spent on other transactions, you will receive 2 points.
- You can get free INR 6,000 cinema tickets (eligible for at least two tickets per booking and a maximum discount of INR 250 per ticket). There would be a convenience fee.)
- You can access two domestic airport lounges in each quarter of India for free.
7. RBL Bank Titanium Delight Card
RBL Bank Titanium Delight Card is India’s best credit card for shopping. RBL Bank is a scheduled commercial bank headquartered in Mumbai, India, founded in 1943.
4.5 out of 5 stars from customers.
Fees per year: INR 750/- (From the second year forward, the annual fee is eliminated with a minimum of INR 1,000,000 is spent per year.)
Key Advantages:
- On your first transaction in 30 days, you receive a gift certificate.
- You will receive 1000 more points on spending a minimum of INR 10,000 in 60 days of receiving your card.
- You will receive points for every INR 100 spent on all transactions. (like groceries, travel, meals, utility bill, and so forth.)
- You gain 4000 bonus points on spending a minimum of INR 1,20,000/- in a year.
- When you reserve a movie ticket using the BookMyShow website on a Wednesday, you can get a 1+1 free movie ticket in a month.
- On Wednesdays, you can get 5% cashback in the form of reward points when you buy groceries.
- Domino’s / Pizza Hut offers 10% cashback on Wednesday online pizza orders.
- The Titanium Delight Credit Card waives the fuel surcharge.
8. Manhattan Credit Card from Standard Chartered
If you seek a credit card in India for shopping, grocery shopping, dining out, cashback, the Standard Chartered Manhattan Credit Card are the best of all.
4.5 out of 5 stars from customers.
Annual Fee: Rs. 499 for the first year, then Rs. 999 for the second year. However, if you spend more than Rs. 30,000 on your credit card, the fee may be waived.
Key Advantages:
- This is the only credit card that gives a 5% reward on grocery purchases made in department stores or supermarkets.
- This credit card provides 5x points when you use it to pay for things like gas, hotel/restaurant bills, airline tickets, and so on.
- You get up to Rs. 500 in cashback monthly when you use your Standard Chartered Manhattan Credit Card, which is another great perk.
9. SimplyClick SBI Card
The best credit card in India for online or e-commerce purchasing. This is a beautiful credit card for people who like to purchase online. This credit card has incentives and benefits for those looking for the most accepted credit card in India for shopping.
5 out of 5 stars from customers.
Annual Fees: The joining fee is INR 499, and you will have to pay INR 499 as an annual fee beginning with the second year. Yearly fees get eliminated on spending more than INR 1 lakh per year.
Key Advantages:
- You will receive a welcome e-gift coupon from Amazon worth INR 500.
- You can earn 5x points from other purchasing websites with this SBI SimplyClick Credit Card.
- Annually, you will receive e-vouchers worth INR 2,000 for every lakh rupees spent with this card.
- The fuel surcharge is waived when the transaction is between INR 500 and INR 3000.
10. Credit Card Standard Chartered Super Value Titanium
This Standard Chartered Super Value Titanium Credit Card is excellent for fuel and utility bills in India. It is one of the best-selling credit cards in India.
5 out of 5 stars from customers.
Annual Fees: Nil for the first year, INR 750 from the second year onwards, which can be waived if you spend more than INR 60,000 on this card.
Key Advantages:
- When you use this card to pay for things like gas, phone bills, and utility bills, you’ll get 5% cashback.
- You’ll get 1,000 Bonus Reward Points if you use them in the first 60 days. In addition, when you sign up for online banking, you will receive 500 points.
Conclusion
You have gone through the alternatives available under the best credit card in India after carefully reviewing all of the features, perks, and reviews. Choose the one that best fits your needs and requirements. Use your credit card responsibly. If you can keep track of your spending, there is no better way to make payments in a cashless market.
Edited and published by Ashlyn Joy
