Credit Card - Compare & Apply Online 65+ Best Credit Cards in India (2024)

There are different types of credit cards available in India today based on the spending habits of people. Here are 10 categories of credit cards.

1)Shopping Credit Cards:

These credit cards target customers who are shopaholics. Some of the benefits of shopping credit cards are:

• Rewards, discounts, and cashback on online and offline shopping
• Domestic lounge access
• Milestone benefits
• Complimentary gift vouchers
• E-vouchers
• Annual fee reversal

2) Travel Credit Cards:

Travel credit cards are those that offer extra benefits on travel such as lounge access, additional rewards, and more. They come with benefits such as:

• Complimentary lounge access
• Earning air miles and co-branded benefits with airlines and travel partners
• Additional rewards
• Tickets at discounted ranges

3) Lifestyle Credit Cards:

They not only reward your lifestyle spends but also help you save money when you shop. You will get special and customized discounts from the card issuer’s channel partners. You can enjoy the following benefits with these cards:

• Accumulated reward points can be adjusted against credit card balance or redeemed in lieu of various gifts featured in the card issuer’s rewards catalog
• Travel savings
• Dining privileges
• Airport lounge access
• Health and wellness benefits
• Concierge services
• Movie ticket offers
• Savings on fuel spends
• Insurance cover

4) Reward Points Credit Cards:

These credit cards offer accelerated rewards on specific purchases and transactions. They are loaded with the following benefits:

• Earn points, cashback, or miles on every purchase
• Redeem rewards for money-saving opportunities like statement credits, travel bookings, and online shopping credits
• Many rewards credit cards don’t levy an annual fee

5) Cashback Credit Cards:

You can avail cashback on every purchase through cashback credit cards. The cashback obtained can be used as a statement credit or for shopping. Some cards offer direct cashback whereas others allow you to convert reward points into statement credit.

6) Fuel Credit Cards:

They help you save on fuel in the form of discounts, extra rewards, and fuel surcharge waiver. Some of the benefits of fuel credit cards are:

• Get Reward Points
• Redemption of points earned
• Eligible for cashback
• Eligible for Surcharge Waiver
• Dining offers
• BookMyShow Offer
• Eligible for Turbo Points
• Can make utility bill payments
• Waiver of Annual Fees
• Eligible for Telecom benefits
• Concierge Service

7) Airline Credit Cards:

Airline credit cards are specifically designed for frequent travelers. Most of these credit cards give maximum reward points when you spend on some of these partner airline tickets. They come with benefits such as:

• Access to premium lounges across international and domestic airports
• Membership to flier programs
• Bonus reward points when you apply for them

8) Women Credit Card:

To provide financial freedom to women, some of the credit card companies have come up with exclusive credit cards for women. Benefits are:

• Discounts
• Rewards
• cashback

9) Business Credit Card:

Business credit cards help businesses and corporations in streamlining their expenses and availing several business-specific benefits. Some benefits are:

• rewards or cash back
• loyalty points
• travel protections and expense management.
• Building a credit profile

10) Secured Credit Card:

These credit cards are offered against fixed deposits, and they are good for those who face difficulty in getting approved for a regular card.

11) Student Credit Card:

There are credit cards specially designed for students who do their higher studies. The eligibility criteria for this card is fixed based on the father's or guardian’s income. Students can utilize this card to purchase laptops, gadgets, stationary items, etc.

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A secured credit card works just like a credit card except that you need to have a fixed deposit in order to get it. The bank uses it as collateral in case you default on your payment. A secured credit card is typically used by people who cannot qualify for a regular unsecured credit card either because they have bad credit or because they do not have a sufficient credit history. Since a secured card requires collateral in the form of a fixed deposit with the bank, even people with bad or no credit can get a card as the bank is safeguarded against default. It is a simple and quick way to improve your credit score and build your credit history, provided you make all your payments on time.

People with bad credit can make use of secured credit cards to improve their credit score. On clearing past negative issues, the credit score remains intact and does not reduce. However, to improve your credit score, you need a credit line active. In such circ*mstances, you can avail a secured credit card and improve your credit score.

Establishing a business and running it successfully will require a continuous cash flow for both long-term and short-term use. Business credit card is an instant means of getting finance much quickly. When you apply for a business loan, there is an interest rate attached to it which will be quite burdensome. But with a business credit card, you can enjoy 0% interest rate if you can pay the bills on time.

You do not need collateral to get a business credit card. Moreover, managing a company's finance and tracking the expenses are easier with a credit card as you get a monthly statement. Reward points, discounts and cashbacks on purchases can help you save more on the operational cost. Entrepreneurs who plan to start up a business can find a business credit card an ideal tool for managing the finances of the company.

As per the RBI guidelines, the customer will have zero liability in case of fraudulent transactions or if there is negligence on the part of the bank even if the fraudulence is not reported by the customer. In case of a third-party breach, the customer must inform about the unauthorized transaction within 3 working days to avoid any liability. If the customer informs after 7 working days, the bank is free to determine customer liability.

Card issuers now provide another layer of security with the addition of a PIN number. If you have a microchip on your credit card, you need to input a PIN number as well for the transaction to be approved. Your PIN number is known only to you. So, if your card is stolen, it cannot be used for fraudulent purchases as the payment will not be approved without the PIN number.

All the traditional cards are now replaced with EMV chip cards. EMV stands for Europay Mastercard and Visa who developed this technology. In a normal card, all the user data is saved on it and it remains forever. In an EMV card, fresh user data is created each time the card is used for any transaction. This prevents fraudsters from copying the user data and creating a new card with the same details. EMV cards protect the cardholder against phishing, skimming and vishing.

Your credit limit refers to the amount of credit available to you on your credit card. However, to maintain a good credit score, it is advisable to spend no more than 30% of your credit limit. So, for example, if your credit limit is Rs. 60,000, make sure that you do not spend more than Rs. 18,000 every month. Consistently spending more than 30% of your limit signifies that you are short of credit or that you do not have spending discipline.

As you move up in your career, your income may increase so does your eligibility to get a higher credit limit. If you have been prudent in repayment and have not defaulted, you can request for an increase in the credit limit. After you have made a request, the credit card company analyses your past payment record and approves the increase in the credit limit based on your income and eligibility.

Increase in credit limit helps you spend more and keep your credit utilization ratio on a good level. If you feel, you are eligible for an increase in the credit limit, approach the credit card issuer to approve your request.

There is no ideal or average number of credit cards an individual should have. It depends on factors like your income, monthly expenses, how you manage your finances and your ability to plan and make timely repayments on multiple cards. If you are new to credit cards, then it is a good idea to use one for some time and get used to the payment method. Once you are comfortable and are confident that you can take on additional repayments, you can apply for another card.

Low utilization ratio of credit cards is considered a prudent credit behavior by credit bureaus who generate your credit score. Having more than one card can help you maintain a good credit utilization ratio and keep a positive credit score. Moreover, multiple credit cards can help get you a higher credit limit. You can split the costs and manage your finances effectively.

With more than one credit card, you can get more reward points, cashback, discounts and offers on plenty of partnering outlets and e-commerce portals. Because a credit card company having partnership with one leading merchandise may not have tie-up with another. Thus, having another card provides you the option of covering out partner outlets to grab the discounts which can save you more money.

Many people ask about the best credit card. There is no such thing as the best credit card but the right credit card which can be best suited for your spending habits. Everyone will have different needs in life based on their lifestyle, likes and dislikes. Understanding this, many credit card companies have designed exclusive credit cards to individuals under various categories. The user can do a comparative analysis and choose the one that would best suit their interests and spending behavior.

If you are a person who loves shopping, you can choose a credit card that comes with huge reward points and discounts on shopping related aspects. If you travel frequently, you can choose a travel credit card that comes with discounts on flight and hotel booking.

Study your spending habits and compare the benefits on the cards from multiple credit card issuers. Choose the one that matches your needs. Use the reward points and discounts to save on your monthly expenses.

1. What is the best way to get a credit card?

You can apply online at the official website of the credit card issuer or at the third-party financial websites. You can also get quick approval on credit cards from the bank where you maintain a salary or savings account.

2. What is the minimum income required to get a credit card?

Each bank has a different income limit to provide a credit card. In general, most companies have a minimum limit of Rs. 2 Lakhs per annum.

3. Can I get a credit card without a credit score?

Yes, you can! There are few credit cards specially designed for the purpose of score building. You can also become eligible for a credit card with a steady source of income.

4. What is the minimum due amount on a credit card?

Minimum amount due is a certain percentage of your outstanding balance. Lenders allow you to pay a minimum due amount so that you can avoid a late payment fee. The rest of the balance will be carried to next month's bill statement. However, the balance will carry an interest rate as prescribed by the bank.

5. How many credit cards can a person have?

An individual can have as many credit cards possible. There are no restrictions. But you need to ensure that payment is done on time and preferably in full to avoid paying interest rate.

6. What can I do if there is an unauthorized transaction done using my credit card?

You can report it to the credit card company that it’s not you who conducted the transaction. You won’t be liable for the transaction and the payment will be revised as per your complaint. It should be reported within 3 days of the fraudulent transaction.

7. How is the credit limit on your card determined?

The bank checks a variety of factors to determine your credit card limit. It includes income, credit score, debts, limits on other cards, etc. It’s usually up to 5 times of your net monthly salary. However, this may vary for different individuals based on their credit profile.

8. Can I increase my credit limit on my credit card?

Yes, you can increase the credit limit by contacting the credit card issuer. Based on your past repayment record and income, your credit limit will be revised.

9. Can I use my credit card in foreign countries?

Yes, but it depends on the type of credit card you use. Some cards can be used worldwide without any restrictions. Such cards may carry higher annual fees but come with greater reward points and benefits.

10. What is the CVV number on a credit card?

CVV stands for Card Verification Value which is printed at the back side of the credit card. It has to be kept secret as it’s used for various online transactions.

11. How many add-on credit cards can I get for my family?

Most credit card companies allow up to 3 add-on cards for your spouse and children. The add-on card holder must be your immediate relatives.

12. How can I redeem my reward points?

You can redeem your reward points by visiting the official website of the card issuer. You can either redeem the points for gift items that are available on your card or convert it to cash if the card issuer provides that facility.

13. What is the value of reward points?

The value on the reward points may vary from bank to bank. In general, 4 reward points are equal to Rs. 1. However, some banks may consider 2 reward points equal to Rs. 1. It depends on the type of credit card and the benefits attached to it.

14. How to convert my big purchases using a credit card to EMI?

Initially, you can check if the product you purchase has the EMI facility. If so, you can avail by choosing the EMI option. You can also contact the card issuer through customer support team, SMS, mobile banking, etc., and request them to convert your big purchase to EMI. The banks usually allow any purchase made above Rs. 2000 to be converted to EMI.

15. What are the charges for withdrawing cash using my credit card?

Most banks charge up to 3% of the amount withdrawn. For example, if you have withdrawn Rs. 10,000 using your credit card, you may have to pay a fee of Rs. 300. The cash withdrawal using credit card does not come under interest free period.

16. Which bank’s credit card is the best in India?

There’s no single answer. The best credit cards are largely determined by your needs. Signature Visa Credit Card, Yatra SBI Credit Card, HDFC Regalia Credit Card, and Diners Club Black Credit Card are some of the popular credit cards available. Make sure to use our credit card selector to filter and find the best credit cards based on your needs.

17. Which is the best credit card with no annual fee in India?

There are quite a few credit cards in India that offer nil annual fee. Some of them are IndusInd Pioneer Legacy, HSBC Visa Platinum and Citibank Rewards Credit Card.

18. Can I apply for a credit card online?

Yes, you can very much apply for a credit card online. You can either apply on the Creditmantri website or apply from the bank’s official website. On the CreditMantri website, you can use the credit card eligibility calculator to find out the best credit cards to suit your needs. You can then apply for the one you find suitable.

19. Can I get a credit card without a job?

You can get a credit card even though you don't have a job but have a good amount of money coming into your account every month or so. Alternatively, if you have a fixed deposit you can apply for a secured credit card against it.

20. Can I get a credit card in one day?

Yes, in today’s digital age, credit card applications could be processed within a day. Just make sure that you have all the required documents in hand to complete the process quickly.

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