Indians have a wide range of credit cards to consider. Since there are so many options, we’ve rounded up a selection of the top choices. Each one has its own benefits that make it great for businesses, students, or those who prioritize rewards.
With this in mind, let’s take a look at the top credit cards in India. Most are easy to get and have fast approval processes. We’ll also dig into the factors to consider when choosing a credit card.
Top Credit Cards in India
Credit cards are growing in popularity. For instance, Inc42 says only 3 in 100 Indians had a credit card in 2021. That number has now risen to 5.5 per 100, according to the source. If you’re among the people interested in getting a credit card, then you’re probably researching your options.
The right card for you depends on your needs, so we’ve found great credit card options for businesses, students, and people who want to earn rewards. Here are some of the top credit cards in India that are generally easy to get and offer fast approval.
Rewards Credit Cards
First, let’s explore rewards credit cards to have on your radar.
- SBI SimplyCLICK Credit Card: According to The New Indian Express, the SBI SimplyCLICK Credit Card offers reward points for offline purchases, extra points for online purchases, and even more points for online purchases at certain retailers.
- Standard Chartered Platinum Rewards Credit Card: Groww says the Standard Chartered Platinum Rewards Credit Card offers reward points for all purchases, extra points on fuel and dining purchases, and promotions like cashback on Uber rides.
Business Credit Cards
Next, here are credit cards for businesses to consider.
- HDFC Business MoneyBack Credit Card: Businesses can benefit from using an HDFC Business MoneyBack Credit Card, according to BankBazaar. The source says users earn rewards points on travel expenses like air travel and hotel bookings. Plus, cardholders get priority access to airport lounges.
- Kotak Corporate Gold Credit Card: According to Fintra, the Kotak Corporate Gold Credit Card can help “reduce company costs and attain cost-efficiency.” It offers consolidated statements and payments, helps with expense management, and grants reward points when you make a purchase with the card.
Student Credit Cards
Finally, students should take note of these options while researching credit cards.
- SBI Student Plus Advantage Card: If you have an education loan, then consider the SBI Student Plus Advantage Card. According to IndiaLends, the card offers a low-interest rate, flexible payment options, discounts, and rewards points.
- ICICI Instant Platinum Credit Card: Groww recommends the ICICI Instant Platinum Credit Card to students, non-salaried people, and homemakers. That’s because it’s assured against a fixed deposit with the bank and can help people build or repair their credit.
Factors To Consider When Picking a Credit Card
When it comes to choosing the right credit card for you, there are several factors to keep in mind. One of the most important is the interest rate. That’s because you don’t want to end up paying a lot of money in interest. Another important factor to consider is the fees. Look into the annual fee and any hidden fees the card may charge.
You should also consider the rewards offered by the card. Some cards offer cashback or points that can be redeemed for rewards like airline tickets or hotel stays. Finally, take a look at the credit score requirements before applying. Some options have minimum credit score requirements, especially certain rewards credit cards.
The Benefits of Using a Credit Card
Credit cards offer several advantages, but there are a few benefits that stand out above the rest. Perhaps the most obvious benefit is the ability to build or repair your credit history. A good credit history can help you get approved for loans and other lines of credit in the future.
Another significant benefit is the opportunity to earn rewards. Many credit cards offer cashback or points that can be redeemed for rewards like travel expenses and gift cards. This can be a great way to essentially save money on your everyday purchases.
Finally, using a credit card can help you stay organized financially. All of your transactions will be tracked in one place, making it easy to see where you’re spending your money and how much you’re spending each month. This can help you avoid overspending.
The Bottom Line
In India, there are plenty of great credit card choices to fit a variety of needs. Whether you’re looking for a card with strong rewards or one that simplifies business expense management, there’s a card that fits the bill. Some of the top credit cards are offered by prominent financial institutions, including the State Bank of India (SBI), ICICI Bank, and HDFC Bank.
It’s important to consider what you need from your credit card. For instance, students may want a card that can help them build credit. Businesses may want a card that lets them earn rewards for business travel expenses. And some people may want a card that rewards online shopping. Once you find the right credit card, it can be a tool for managing your finances.