The Ultimate Guide to Selecting the Best Credit Cards in India

Credit cards can be a convenient way to meet financial needs, especially when you need money in a hurry. Applying for loans is a lengthy process, and you can avoid loans by preemptive nurturing of your credit card. If you need instant cash, credit cards like the Bajaj Finserv RBL Bank SuperCard offer zero interest withdrawals at ATMs (for up to 50 days). The cash limit on any credit card reflects the confidence that a bank has in its customer, based on present conditions.

This limit can be increased with well-thought-out strategies like paying dues on time, increasing security amounts, and keeping in touch with the bank. However, a lot of people use credit cards mainly for the additional discounts on offer. Most e-commerce sites offer no-cost EMIs on the best credit cards in India, which is yet another incentive.

However, choosing a credit card is not easy. There are basic credit cards that cost you nothing, and there are expensive credit cards that require a steady monthly income. The imperative, in this case, is to stress on your needs. After you sift through what’s on offer, make sure you ask yourself if you really need these facilities.

The best choice would be the one that checks off most of your needs. Finally, tally the privileges with the cost you are incurring, and accordingly downgrade/upgrade your card. Let us now take a look at some of the best credit cards in India at the moment.

 Making an Informed Choice on Credit Cards

The use of credit card in India is mostly limited to millennials who need to keep up with evolving financial needs. Nobody needed to save on air travel 30 years ago, but it is a pressing need now. Lifestyles have changed, and here are some cards that work best toward coping with the changing demands and lifestyles. 

Online Shopping Cards: Online shopping has become more important than ever, and some

credit cards help ease the financial burden on such purchases. The ICICI Amazon Pay Credit Card or the Axis Bank Flipkart Credit Card shower privileges like attractive discounts and cashback offers. The OLA Money SBI card can save you a lot of money if you frequently avail OLA cabs. Many people go for these cards for maximum savings, even if they already have a credit card. Credit cards work best in combination, and this is the best example. Choose the card that offers rewards on your favourite e-commerce portal, and avoid feeling guilty about not making most of the privileges on offer.

Lifestyle Cards: These cards are tailor-made for the urban millennial, and are the most

used cards. These cards have a modest annual fee in the range of 3000-5000 INR, and offer decent credit limits. The best in this category are the SBI Prime Credit Card, Bajaj Finserv RBL Bank Supercard, HDFC Regalia First Credit Card and the Amex MRCC. The HDFC Regalia credit card has a reward rate of 0.8%, and you can save around 5000 INR on spending around INR 3 lakh. The SBI Prime credit card has different reward points for utility payments, birthday spending, grocery shopping, etc. So, every time you make a payment, you will invite more savings! The Amex card, like the others mentioned here, has attractive fuel surcharge waivers and airfare discounts. The Bajaj Finserv RBL Bank Supercard has a cash advancement feature that has a nominal interest, but no processing fee. These cards also offer a flat 5% off on down payments at Bajaj Finserv partner stores. Additionally, it also provides tight security against cybercrimes, a burgeoning threat in online transactions.

The Premium Credit Cards: The use of credit card in India has also seen a surge in demand

for premium credit cards. Cards like the Amex Gold Charge, SBI Elite and the HDFC Diners Privilege have gained slow but steady popularity. These cards have reward rates of up to 13%, which is a remarkable rate by any standard. Furthermore, these cards usually come with perks like domestic and international lounge access, movie pass, and fuel surcharge waiver.

The SBI Elite card offers 6 international lounge passes annually, and a 0% fuel surcharge on minimum transactions of 500 INR. The HDFC Diners card probably has the best lodging and fine dining benefits, and the Amex Gold Charge offers unbelievable discounts on car insurance renewals. These cards make sure that you do not need to downgrade your lifestyle simply because you are facing a temporary cash crunch.

The Bottom-line

Credit cards thus are great financial tools, if you can choose the best option for you. It is important to understand your needs, rather than choosing a credit card impulsively. With the bouquet of benefits extended by credit cards, each card has something unique to offer, and these benefits can be maximized by choosing the right card for your requirements.

The Bajaj Finserv RBL Bank Supercard offers convenient EMI options, welcome rewards, flat discounts on down payments, and more. The card has the best possible amalgamation of the shopping, lifestyle and premium cards, and becomes somewhat of an automatic choice for most prospective cardholders.

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