Many credit card firms in India provide appealing incentives such as reward programmes, cash rebates, gasoline savings, insurance advantages, and travel bonuses. Visa, Mastercard, and American Express are three of India’s top credit card providers, each with its own set of benefits. To apply for a credit card, you must meet certain eligibility requirements. Different banks may have their own set of requirements, but in general, all of India’s main banks have a set of qualifying standards. There are primarily three types of credit cards accessible in the Indian market presently. However, in order to receive a credit card in India, you must have a good CIBIL score. Here is a list of a few credit cards that are now available on the market and are divided into three primary categories. Entry level credit cards, E-commerce credit cards, and Premium level credit cards are the three types. The following are the credit cards:
Credit Cards for Beginners
Credit cards for beginners, also known as entry level credit cards, are designed for first-time credit card customers. To receive an entry level credit card, an individual must have an annual salary of more than INR 4 Lakh. This card allows users to spend more than INR 1 lakh per year. Furthermore, to be eligible for any of these credit cards, the applicant must be an Indian national between the ages of 21 and 70 with a high credit score. Here are the two greatest entry-level credit cards in India.
Credit Cards from IDFC First
IDFC First Bank has just begun providing credit cards that are interest-free for life. If you spend more than INR 20,000 online each month, the IDFC First Credit Card might be the perfect first credit card for you. The interest rates range from 9% to 36%, making it the most cost-effective credit card when compared to others. It even offers free ATM withdrawals till the payment is due. You must have an annual income of INR 3 lakh – INR 12 lakh or a credit limit of INR 1.5 lakh to be eligible for this card.
SimplyClick Credit Card from SBI
This credit card is offered by SBI for a membership fee of INR499+GST, making it a great alternative for your first credit card. SBI offers 10X reward points on specific online purchases with partners such as Bookmyshow, Amazon, Zoomcar, Lenskart, Foodpanda, Cleartrip, and others, as well as 5X reward points on all other online transactions. As a welcome bonus, this card comes with an Amazon Gift Card worth INR500, which is enough to cover the membership fee.
Credit Cards for Online Shopping
Following the epidemic, India experienced a substantial surge in e-Commerce credit cards as individuals began to avoid cash transactions and prefer online purchases, especially after COVID-19. The main benefit of these cards is that the benefits are often in the form of quick cash back or something similar, with no cumbersome redemption process. Because these cards are frequently used in conjunction with an e-Commerce platform and a bank, they also have certain disadvantages, such as a limited initial credit card limit, limited bank-run discounts, and so on.
ICICI Credit Card AmazonPay
If you make online purchases, particularly on Amazon, the AmazonPay ICICI Credit Card is great for you. If you already have an Amazon Prime membership, you may be eligible for a 5% reward with this card. However, if you do not currently have an Amazon Prime membership, you will only be eligible for a 3% cashback on Amazon. You might save up to 15% on your eating expenditures at over 2500 eateries across India. This card is offered by ICICI Bank with no joining or annual fees. If you already have an account with ICICI Bank, you may receive a credit card quickly and have your products delivered quickly.
Although the credit cards listed above are the best credit cards in India, the card that best suits your buying patterns would be the perfect match and therefore the best suited credit card for you. As a result, it is prudent to evaluate your purchasing patterns and tendencies while picking or applying for a credit card.