When you apply for a credit card, there are several factors you will take into consideration. Some of these factors include whether you would be using the card to purchase flight tickets, whether you would use the card for shopping or whether you would be using the card for booking hotels or even rail tickets. In India, if you look carefully, there is a credit card customized for your needs and requirements. At one point, it becomes cumbersome to go to each bank’s website to understand the terms and conditions of the credit card on display.
If you want to compare credit cards, you will need to look at the following factors
- The joining fees
- The annual fees
- The rewards on offer
- How you can avail those rewards
- The joining perks
These are the times you wish there was a one-stop-shop to check some of the best credit cards available, and that’s why, the MoneyControl team has prepared a list of cards for you to choose from. Here is a list of credit cards that you may want to consider:
|Number||Name of Card||First year fees||Annual fees thereafter||Rewards||Joining perks|
|1||YES Prima||First Year Membership Fee of Rs 350, reversed on spends of Rs 7,500 within 90 days of card Set up||Renewal Membership Fee of Rs 350, reversed on spends of Rs 25,000 within 12 months prior to the renewal.|
- 4 Reward Points per Rs 100 on Grocery Stores & Supermarkets, Department Stores and Dining spends
- 3 Reward Points per Rs 100 on other categories
- 750 Reward Points on each YES PayNow registration
- Dedicated Website for Flight/Hotel/Movie ticket booking on Reward Points redemption (1 Reward Point = 0.25 paise)
- Exclusive Catalogue of Products to choose from
|2||YES First Preferred||Rs 2,500 plus taxes||Rs 2,500 plus taxes|
- Get 15,000 Reward Points on your first transaction done within first 90 days of card set up date
- Enjoy Renewal Benefit of 10,000 Reward Points on each renewal
- Earn 20,000 Bonus Reward Points on achieving spends of Rs 7.5 Lakhs or more in each anniversary year
- Priority Pass membership with 4 complimentary access- Enjoy 25% discount on movie bookings at BookMyShow
Welcome privilege of 15000 Reward Points on first transaction
|3||HDFC Bank Regalia Credit Card|
Rs. 2,500 + Taxes,
|Rs2,500 + Applicable Taxes. However, if you spend Rs 3 lakh in 12 months, you will get renewal fee waived for next renewal year.|
- Complimentary airport lounge access through priority pass membership
- Lowest foreign currency mark-up fee of 2 per cent on international transactions- Get 15,000 bonus points every year on spends of Rs.8 lakh
|2,500 points on paying joining fee|
|4||Kotak Royale Signature Credit Card||Rs 1,499 plus taxes||Rs 999 plus taxes. However, this amount will be waived if you spend more than Rs 1 lakh in a year|
- Complimentary access to Airport Lounges in India
- Earn up to 4X reward points on every Rs. 150 spent across all spends done. The 4X reward points will be at hotels, restaurants, travel agencies and tour operators, package tour operators, airlines and air carriers, and international spends
- Accumulate your reward points and redeem them against a host of redemption options like air tickets, mobile recharge, 10,000 merchandise and much more through easy rewards with easy points.
|5||HDFC Diners Club Black||Rs 5,000 plus taxes||Rs 5,000 plus taxes. However, in case you spend Rs 5 lakh in 12 months, then you will not have pay a renewal fee for the following year|
- Earn 5 Reward Points for every Rs. 150 retail spends
- The capping of reward points is only on the accelerated 10X program and not on any other spends which follows the Regular reward points
- Redeem Reward Point for AirMiles across British Airways Executive Club (Avios), Singapore Airlines (KrisFlyer Miles), Trident Hotels or Club VistaraNote: Reward points are valid only for 3 years from the date of accumulation.
|Welcome Benefit of 5,000 Reward Points and renewal benefit of 5000 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off)|
|6||Axis Bank Vistara Signature Credit Card||Starts at Rs 1,500 plus taxes. Fees rise depending on the type of card you opt for||Rs 1,500 plus taxes|
- Complimentary membership of the Vistara Silver Club
- Complimentary premium economy ticket, annually.
- Avail Club Vistara points to achieve milestones while transacting and stand a chance to win three premium economy tickets with these milestones.
- It provides you with insurance benefits.
- Earn 4 Vistara Points for every swipe
Premium economy ticketComplimentary Club Vistara membership
|7||HSBC Visa Platinum Credit Card||Nil||Nil|
- 2 Reward points for every ₹150 spent
- 5X Rewards on any purchases made after spending Rs 4,00,000 in a year (up to a maximum of Rs 10,00,000)
- BookMyShow voucher worth Rs 500 on spending over Rs 50,000 in a calendar month (maximum Rs 3,000 per cardholder per year
- Up to 15 percent off dining at over 1,000 restaurants across major cities- Fuel surcharge waiver at any fuel pump across India for transactions between Rs 400 and Rs 4,000 (maximum ₹250 per calendar month)
- Introductory benefits of up to ₹4,500- Air Miles conversion on Singapore Airline
|8||Kotak PVR Platinum Credit Card||Nil||Rs 999|
- Get 2 free PVR movie tickets every month when you spend Rs. 10000/- and above in a monthly billing cycle- Shop anywhere in India using your PVR Kotak Credit Card to get your free PVR movie tickets Available all year round
|9||Citi Rewards Credit Card||NIL||Rs 1,000 plus taxes as annual renewal fees|
- Earn 10 Reward Points for every Rs125 spent at apparel and department stores.
- Continue earning Reward Points at a rate of 1 point for every Rs125 on all other purchases
- Redeem points instantly at select partners- Get 2,500 points on Card activation
- Get 1,500 bonus points on your first spend made within 30 days of card issue.
- Get 1,000 bonus points on your first spend of Rs. 1000 made within 60 days of card issue.Please click here for Terms and conditions.
|10||Axis Bank Neo Credit Card||Rs. 250, which is waived upon spends of Rs. 2500 in 45 days||Rs 250 plus taxes|
Vouchers from Amazon, BookMyShow and Jabong on your spends
- You can avail of a minimum 15% discount at our partnered restaurants across India.
- State-of-the-art technology and customer friendly services available to ensure you are also protected against counterfeit and fraud.
|Amazon gift voucher worth Rs 250|
|11||Yatra SBI Card||Rs 499 plus taxes||Rs 499 plus taxes|
- Get 6X Reward Points on every Rs. 100 spent at Departmental and grocery stores, Dining, Movies, Entertainment, and International spends
- 1 Reward point on every Rs. 100 spent on regular spends- 1 Reward Point = Rs. 0.25 (Reward Points redeemable at Yatra.com)
Get Yatra.com Discount Vouchers worth Rs. 8,250 on payment of joining fee
What can I do with my credit card?
You can use your credit card to buy flight tickets, groceries, electronics – you name it, and a credit card will do it, based on your credit limit. You can also use a credit card to withdraw money from an ATM, although you will be charged interest for this.
What is the difference between a credit card and a debit card?
Debit cards will use the funds in your account, while a credit card will make the payment based on credit. In essence, a credit card is like a mini-loan. Furthermore, you don't have to repay your debit card, but the same rule doesn't apply to a credit card where you pay a monthly sum. If you fail to pay the entire amount, you are charged interest. Finally, debit cards are free, while most credit cards have a joining and annual fee.
Will I be paying interest on all my transactions?
This isn’t the case if you pay your card bill on time. However, if you fail to pay the necessary amount, then you are expected to pay the interest on the amount you have failed to pay along with the amount until the entire thing is paid in full.
Can I use my credit card abroad?
If you have an international credit card, this is possible. However, do remember that you will be charged a fee for swiping your card in another country.
Difference between VISA, MasterCard, American Express, and RuPay.
These four companies are leading payment gateway providers in the world. Credit cards in India have the VISA, MasterCard, RuPay and American Express stamp attached to them, with the bulk of cards falling in the first two i.e. VISA and MasterCard. From the cardholder point of view, there is no much difference. However, VISA and MasterCard may provide slightly different offers on each credit card.
How many credit cards should I possess?
There is no hard and fast rule about the number of cards you should have. However, this also depends on your financial ability and your spending behavior. The key is the proper management of the credit cards. You should spend wisely and repay the due amount on time, and always ensure your credit score is good.
What is a credit card approval period?
Usually, a bank takes 21 working days to approve a credit card. However, factors such as a good credit score, proper document submission, verification checks, etc, take some time, and in cases, the approval period may take longer than 21 days.
What are the documents required for a credit card?
In order to get a credit card, you need to submit the following documents
Proof of address: Utility bills (light, telephone, gas), Aadhaar Card, Passport, Voter ID
Proof of photograph: Aadhaar Card, Passport, Voter ID
Employment (if salaried): Last six months’ salary slips, bank statements, proof of employment
In case an individual is self-employed – ITR for the past 12 months
What is a secured credit card?
Secured credit cards are issued only if an individual opens a fixed deposit with the bank that will issue the card. The FD serves as a security deposit in case the cardholder defaults on the card. A secured card is given to those people looking to improve their credit score, as well as those using a credit card for the first time in their lives.
What is the minimum amount due?
As the name suggests, the minimum amount due is 5 percent of the total amount in your billing cycle. Paying this will save you from paying late fees. However, in case you only pay the minimum amount, the balance amount is carried forward to the next billing cycle with added interest. So, it’s advisable to pay the entire amount during a billing cycle.Do note:
Credit card offers keep changing and are subject to terms and conditions, and can change at the discretion of the bank