Which is the Best Credit Card in India?

Which is the Best Credit Card in India

Credit Cards make your life easy. You need not carry cash as the plastic money allows you to buy now and pay later without worrying about the payment for up to 40-45 days. Whether you are a self-employed businessperson or a salaried individual or a college student, a budding entrepreneur, a housewife or a single mom, Credit Card can be one of the best tools to save 10-20% on your monthly spends.

With best Credit Cards in your wallet you can tap amazing travel benefits, unbelievable discounts at restaurants & movie ticket counters, guaranteed value back on birthdays and other special occasions. 

With such a vast bouquet of value back offers, it is apt for a buyer to search for the best credit cards in India. However, there is no one point answer to this query. India is home to one of the most diversified consumer base in the world. The users here vary greatly to the tune of their spending habits as well as income levels.

Despite all these factors, the industry has seen exponential growth in the adoption of Credit Cards in the last two years, post demonetisation. HDFC Credit Cards and SBI Credit Cards are the two industry leaders and cater to all types of consumer needs. 

The big question: Which is the best Credit Card?

There is no one-size-fits-all product. So, you must carefully research the market and compare different cards from different card providers. You need to base your decision on your personal needs. Majorly the card providers segment Credit Cards into the following categories:

  1. Rewards Cards: These Cards fetch additional reward points on each purchase and are much popular with the consumers. You can redeem the reward points into top brand gifts or for cash. The reward benefits vary for each card issuer.  
  2. Travel cards: These are usually co-branded cards offered by Card Issuer. You save extensively on travel & hotel booking, besides additional benefits such as access to Airport Lounge, easy money, concierge, and insurance. Certainly, a must have for a wandering bug. 
  3. Lifestyle Cards: As the name suggests, Lifestyle Cards are the cards for those who love to lead life king-size. These cards offer amazing savings on top fashion brands, retail outlets along with exclusive discounts at restaurants, movie booking, and hotel booking. 
  4. Shopping Cards: These cards are shoppers’ delights. You can avail astounding offers online as well as at retail shopping. 
  5. Business/ Corporate Cards: These are offered to businesses looking for easy credit for paying to different stakeholders. Businesses are offered huge discount for a suit of corporate cards that allow single swipe travel benefits for associates.

As you can see Credit Card companies offer cards according to the needs of users. So you must first list out your requirements and choose accordingly. Most Credit Cards come equipped with benefits of reward points, free add on cards for family, fuel surcharge waiver, discounts at top brands, welcome gifts and annual renewal offers. It is wise to own two cards fetching distinctive needs. For example, you may choose to own a travel card and a lifestyle card for tapping maximum benefits.

Let’s find out what are the best cards available.

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SIMPLYSAVE SBI Credit Card

SimplySave SBI Credit Card is one of the best lifestyle Credit Cards that also offers amazing reward points on your regular as well as lifestyle spends. At a nominal annual fee of Rs 499, the card offers you unbelievable value. You earn 10 Reward Points per Rs 100 spent on Dining, Movies, Departmental Stores, and Grocery. All other spends earn you Rs 1 reward point on every Rs 100 spent.  4 rewards points = 1Rs. Thus you spend and save every time you swipe your SBI Card.

American Express Platinum Travel Credit Card

American Express Platinum Travel Credit Card is one of the best travel cards for frequent flyers. This premium card costs you Rs 3500 for joining. It comes packed with 5,000 Milestone Bonus Membership Rewards Points. The points can be redeemed for Travel Vouchers worth Rs. 4,000. The renewal will cost you Rs. 5,000. You can earn travel vouchers up to Rs. 19,500 and enjoy 4 complimentary visits in a year, one per quarter, at select Airport Lounges. Besides, you also get access to Rs. 10,000 worth Taj Hotels Palaces Resorts Safaris Experiences Gift Card.

Standard Chartered Manhattan Platinum credit card

Standard Chartered Manhattan Platinum Credit Card is one of the popular cards among smart buyers. The card offers an attractive 5% cashback and 3x reward points on retail spends. As you avail the card and make the first transaction in 90 days, you earn Rs 2,000 worth BookMyShow voucher. You enjoy a host of discount offers for shopping, travelling, and dining on your Credit Card.

Other beneficial cards are HDFC Diner Club Rewards and ICICI Coral Credit Card. Compare the card features and choose the best match according to your specific needs.

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