The credit card provides the individual with instant access to the credit in form of a short-term loan which can be paid to the bank in EMI or after some time.
In personal finance, cash flow is the most important thing and can expand a person’s purchasing power. With a credit card, an individual’s cash flow remains constant because of the access to the credit hence, improvising the purchasing power of that individual.
To live a financially intelligent life, a person must have some instruments which can offer him/her access to credit, and credit cards are catered to just that.
There are various types of credit cards in the market designed for the special needs of the user. If you are interested in a lot of travel then there is a traveling credit card.
If you do a lot of online transactions then you can have a Cash Back credit card which will provide cashback for every transaction.
Like there are a lot of credit cards that you can opt for, but before getting to any conclusion you’ll have to evaluate your requirements and decide on the credit card based on that.
In this article, we will provide you with the top 10 best credit cards in India that you can choose from in 2024.
Before getting to finding the best card for you, first, let’s understand the factors that might affect your selection.
How to Select the Credit Card?
A credit card is an attractive financial instrument that provides you with a lot of benefits when you purchase things in form of reward points, attractive offers, etc.
While selecting a credit card for you, you’ll have to factor in a lot of things before applying. The following are the Factors that you’ll have to consider before selecting a credit card-
Your Credit Score
The very basic thing to check before applying for a credit card is to find your credit score. Credit score simply means how much the bank can trust you with the credit that they are providing you.
Credit card is a short-term loan that banks provide hence, it always involves a risk for the banks. To evaluate the risk, a credit rating agency like CIBIL will provide every individual with a credit score to determine the credit capability of that individual.
In CIBIL, the credit score ranges from 300-900. The higher the number is, the most chance you get the loan and a comfortable interest rate.
The credit rating agency formulates the credit score by evaluating your credit history along with your financial standing before issuing a credit score.
Credit Limit
Credit Limit is the limit amount which is set by your bank on the card. It is the maximum amount that you can spend on your credit card.
The credit card limit is evaluated based on a lot of factors but it all boils down to the payment capability of the individual.
Like a credit score, the credit limit is also variable meaning, it changes with time and will be highly influenced by your usage of your card.
Reward Point Offered
For every purchase that you make, the bank will offer you reward points attached to your credit card. The reward points are redeemable in form of cashback, coupons, etc.
This will help you in saving a lot of money on purchases and enable you to get maximum benefits out of your card.
Hence, while selecting your card, you need to consider the reward point offered to you for every rupee spent.
Offers & Usability
The last but not least factor that you should consider before finalizing your credit card is to review the card type and the offers that it provides.
Every bank has tied up with various companies and platforms to being in the best offers for the customer which mutually benefits the bank and the vendor.
For selecting the best credit card, you’ll have to find the credit card that provides the best offers and helps you maximize the savings by unitizing the offers.
Now that we have established the factors that you should consider, let’s now dive deep into the list of the top 10 best credit cards in India for you
10 Best Credit Cards in India 2024
Here is the list of the top 10 best credit cards in India that you can choose from-
Amazon Pay ICICI Bank Credit Card
The first on the list is the Amazon Pay ICICI Bank Credit card. It is a co-branded credit card that offers amazing offers if you are a frequent shopper on Amazon.
The best part about this credit card is that this card offers no-cost EMI which is one of the best EMI plans for your purchases.
You can apply for a credit card online without much of a documentation requirement. There is no annual fee or joining fee making it free to avail.
Amazon is a gigantic eCommerce platform that offers many things in the platform hence, availing the credit card will provide you with almost all the items that you would need.
If you are looking for one credit card for life then you should choose this card and this card only.
Pros:
- There is no joining or annual fee for using the card
- The reward points earner does not come with an expiry date unlike other credit card rewards hence the accumulation of the reward point helps you in availing amazing deals
- Amazon has over 10 crore products and with this card, you are eligible for purchasing those products
- 5% cashback on transactions made at Amazon for Amazon Prime members
- Earn 3% cashback on transactions made at Amazon for non-Amazon Prime members
- 2% cashback on transacting at over 100 Amazon Pay merchant partners on using this card on Amazon Pay
- 1% cash back on all other payments
- Get a cost EMI option on the Amazon website
Cons:
- No benefits on travel, entertainment, or any other category
- Air miles or lounge access benefits
- Not suited for international usage because of the high foreign currency markup i.e., 3.5%
Cashback SBI Card
A relatively new credit card by SBI is aimed to revolutionize the credit card market. It is one of the best cards in the market which provides maximum benefits.
It offers a 5% Cashback on every online spend without any merchant restriction which makes it different than the Amazon Pay ICICI Card.
You also get a cashback of 1% on all offline spending on utility bill payments. It is an all-rounder card as you also get 4 complimentary lounge visits in a year.
Pros:
- There is no joining for the card
- 5% rewards points are earned for every purchase made
- There is no merchant restriction, you can use this card anywhere and you’ll get the 5% rewards
- 4 domestic complimentary lounges in a year are provided, one in a quatre
- Transfer the balance of another credit card to the SBI Cashback Card to avail lower interest rate
- Addon card available which allows you to add your family members to the card programs
Cons:
- There is a renewal fee of Rs.999/- however, for spends more than 2 Lakhs, you get a renewal waiver
Flipkart Axis Bank Credit Card
Flipkart Axis Bank Credit card is a co-branded card that offers an attractive shopping experience to individuals.
It is similar to the Amazon Pay ICICI Card and offers similar benefits like 5% cash back on Flipkart and Myntra, 1.5% on all other categories, etc.
Pros
- 5% cashback on shopping from Flipkart and Myntra
- 4% cashback on PVR, Tata Sky, Swiggy, Uber, 1MG, Cleartrip, and Cure. fit*
- Rest all categories get 1.5%
- 4 complimentary Lounge offers to the individual
Cons
- There is a joining and annual fee of Rs.500/- which has to be paid to get this card
- There are no Flipkart exclusive no Cost EMI for the purchases
HDFC Millennia Credit Card
This list is incomplete without HDFC Millennia card as the name suggests, it is the best card for millennials who have just started their job.
The offer on this card is attractive and provides a comprehensive package benefit to the cardholder. You can opt for this card if you want to get an all-rounder card that works well with all the vendors.
Pros
- Get 5% cash back on purchases from top brands like Amazon, BookMyShow, and Cult. fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato
- Enjoy a generous 1% cashback on all your other purchases, excluding fuel transactions and even EMI and wallet transactions
- Treat yourself to ₹1000 worth of gift vouchers when you spend ₹1,00,000 or more in each calendar quarter
- Dine like a VIP with up to 20% off at partner restaurants via Dineout
- 8 complimentary domestic lounge access per calendar year
Cons
- The joining fee and annual fee are high at Rs.1000/- also the redemption amount is high i.e., Rs.1 Lakhs
- Redeeming cash points gets sometimes like a hassle
HDFC Bank Diners ClubMiles Card
HDFC Bank offers a credit card that is specifically for travel. The HDFC Bank Diners ClubMiles Card is a premium card and a best-in-class air miles program.
This card also comes with an air miles program which you can exchange against the reward point you get for the purchases. Free airport lounge visit to both domestic and international airports using this card.
Pros
- You can earn 4 reward points on every Rs.150 spent on the card and 1 reward point = I air miles
- HDFC Bank has partnered with airlines and hotels including British Airways, Jet Airways, Singapore Airlines, Trident Hotels, and Club Vistara
- 1000 points as a joining fee
Cons
- The reward point is comparatively lower i.e., 1 reward point=Rs.0.50/-
- There is a reward redemption fee of Rs.99/-
Citi Rewards Credit Card
In this card, you’ll get a welcome gift, you can receive up to 2,500 Reward Points. For every Rs. 125 you spend, you will receive 1 Reward Point.
When shopping for apparel or at departmental stores, you can earn 10 times the Reward Points. If you spend Rs. 30,000 or more in a month, you will receive an additional 300 bonus Reward Points.
If you spend Rs. 30,000 or more in the previous year, the renewal fee for the card can be waived. Additionally, you can benefit from a 1% fuel surcharge waiver on all fuel transactions.
Pros
- As a welcome gift, you’ll get Rs.2,500 reward points, and 1 reward point is earned by spending Rs.125/-
- You get 10x Reward Points on shopping in apparel and departmental stores
- You also earn a bonus point if you spend more than Rs.30,000/-
- It covers almost all the general categories like AirMiles/InterMiles, Product catalogs, fuel purchases on Indian Oil outlets, and cashback.
Cons
- The interest rate of this credit card is high. The annual interest rate on the Citi Rewards Credit Card is 45% per annum (3.75% per month)
- There is no Add card with this card
Axis Bank Neo Credit Card
Axis Bank introduces the Neo Credit Card for individuals who make a lot of purchases online. With this card, you can get exclusive discounts from eCommerce sites like Amazon, Flipkart, Myntra, etc.
The annual fee is very low compared to any other card and it has everything that a credit card must have. So, this card is very good if you are a beginner in credit cards.
Pros
- Upon sign-up, you’ll be greeted with welcome offers from Amazon, including cashback offers, gift vouchers, and entertainment discounts.
- Enjoy the convenience of no-cost EMIs on selected products through the card’s EMI facility.
- Rest easy with the protection of lost card liability insurance.
- Treat yourself to a range of lifestyle benefits in categories such as dining, movies, and shopping
- The annual fee is Rs.250/- which is very low compared to others
Cons
- The only downside to this card is that it is not very efficient for international payments, especially with its 3.5% foreign currency transaction fee
Axis Bank Vistara Signature Credit Card
A co-branded card with Axis Bank and Vistara Airlines partnering offers the customer an amazing experience.
The Vistara Signature Credit Card offers several benefits including a complimentary Premium Economy air ticket on card renewal, a Silver Membership of Club Vistara with dedicated check-in and excess luggage allowances, and up to 15% discount at partnered restaurants.
Cardholders earn 4 CV points for transactions above Rs.200 and can claim insurance coverage. During the first 3 months, transactions exceeding certain amounts earn CV points and a complimentary air ticket.
Pros
- It is an amazing card that is best if you are a frequent traveler, especially with Vistara
- You get a lot of discounts on flights, restaurants, and excess luggage allowance on Vistara flights
- For every spend, you receive a CV point, and for help with certain purchases, you’ll get additional CV points
- The interest rate on this card is 2.5% which is lower as compared to the industry standards
Cons
- The minimum income for getting this card is Rs.6 Lakhs which makes it inaccessible to many people especially young people
- The joining fee and annual fee of this card is Rs.3000/-
IDFC First Millennia Credit Card
Another millennial card is in this list of the top 10 best credit cards in India, you get what a young man or woman wants from a credit card.
IDFC First Bank has launched the IDFC FIRST Millenia Credit Card with unlimited rewards. The card has no joining fee and offers interest rates between 0.75% and 2.99% per month.
The reward points earned do not expire which makes it the best card to have as you can accumulate the points and use them for anything big purchases.
Pros
- The reward points do not expire ever
- Get 5% cashback on your first EMI transaction within 90 days of credit card issuance
- 10X reward points for expenses of Rs.20,000
- 3X reward points for offline expenses
- 10X reward points on birthday transactions
- 6X reward points for online purchases
- 1 reward point for every Rs.100 spent
- No reward redemption fee
- No annual or joining fee
Cons
- The card has a little bit of everything that a young person wants and one thing which is missing is the no-cost EMI facility
IndianOil Citi Credit Card
The IndianOil Citi Credit Card offers great benefits in collaboration with IndianOil, including a high reward rate.
With an annual fee of Rs. 1,000, the card rewards customers in the form of Turbo Points, with the first transaction earning 250 Turbo Points.
Cardholders earn 1 Turbo Point for every Rs. 150 spent and accelerated rewards for grocery, department store, and fuel purchases at IndianOil outlets.
The Turbo Points can be redeemed for fuel and other categories including shopping, gift vouchers, air miles, cashback, etc. The card also offers dining discounts at participating restaurants.
Pros
- The IndianOil Citi Credit Card rewards cardholders with 1 Turbo Point for every Rs. 150 spent
- 2x Turbo Points for groceries and supermarkets
- 4x Turbo Points for fuel purchases at IndianOil outlets
- The card offers a welcome bonus of 250 Turbo Points, which can be redeemed for fuel, cashback, shopping, and more
- Cardholders also enjoy dining discounts at participating restaurants
- 1% fuel surcharge waiver
Cons
- Zero Liability Protection
- This card does not come with no domestic lounge access
- This card does not come with no Insurance Benefits
- This card does not come with no International Lounge Access
Which Credit Card to Choose?
A credit card is a very useful financial instrument that can help you in getting goods deals, managing finances, helping you in cash flows, and much more.
With the correct use of a credit card, you can live a comfortable life where you can purchase a lot of things at discounted rates or EMIs.
When deciding to apply for a credit card, you’ll have to find the best card that suits your lifestyle. If you are a frequent traveler then having a traveler credit card is beneficial, if you online shopper then a shopping credit card is good.
It is always better for you to at least have 2-3 credit cards to cover a wide range of categories of credit cards in your pocket.
This will help you in using the credit card when and where the requirement is needed. You can make use of your credit card to collect rewards which can be accumulated and spent later for high-level purchases.
