The best credit card in India should have a high reward rate, as well as offer complimentary privileges such as access to airport lounges, golf rounds or lessons, and other such perks, all at a membership cost that is either very low or nonexistent. However, that seems like a really utopian concept to me.
It is not possible for card issuers to offer such a rewarding credit card at a small membership fee because it would not be profitable for them to do so. As a result, what they do instead is offer the best credit cards that come with perks in a variety of areas, allowing individuals to select a credit card that best suits their spending habits depending on the available options.
Best Credit Card in India 2022
There is no one credit card that can be said to be “the greatest credit card” for everyone; rather, the best credit card in India 2022 for one person may not be the same as someone else’s “best credit card”. As a result, we have compiled a list of the most advantageous credit cards available in India, taking into account the various demographics of its population.
It is never a smart idea to apply for a credit card without first conducting adequate research. First, you should become familiar with your typical spending patterns, and only then should you choose a credit card that is tailored to your needs.
Because there are thousands of credit card possibilities now accessible on the market, it can be challenging for individuals to select the finest cards and submit an application for one of them. This information is presented to you in order to assist you in selecting the most suitable credit card for your needs in India. Continue reading for more in-depth information:
What is the Best Credit Card in India 2022?
Once you have determined which type of credit card in India would be most suitable to meet your requirements, the next step is to identify the best credit cards available in the type of card that you are looking for. We have made the process easier for you to complete. Moreover, we have compiled, from each respective category of credit cards that are now on the market, a list of the best credit card in India in 2022:
- HDFC’s MoneyBack credit card – good for newbies
- HDFC Diners Club Black card – Excellent for premium credit card
- SBI Card PRIME – Amazing lifestyle credit card
- Standard Chartered DigiSmart – Perfect credit card for online shopping
- SBI Student Plus Advantage credit card – Excellent and perfect for students
Top Credit Cards Under Different Categories
You need to ask yourself this question when you apply for a new credit card in India in 2022: what kinds of perks are you anticipating receiving from your new credit card? If you are a frequent flyer and want to earn some extra AirMiles and make your travel experience more comfortable with complimentary airport lounge access, are you signing up for the credit card so that you can save money on your daily expenditures, or are you a frequent flyer who wants to save money on your daily expenditures?
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Because, as was just discussed, various types of credit cards are geared toward specific subsets of cardholders, it is vital that you be able to provide satisfactory responses to the concerns raised above. On the basis of a number of different criteria, we have compiled the following list of the best credit card in India 2022:
1. Entry-Level Credit Cards
Entry-level credit cards typically come with either no membership fee at all or a fee that is significantly lower than others. This makes them the ideal choice for young professionals or even students who are just starting out with credit.
Despite the fact that these credit cards do not provide as many additional benefits as premium or lifestyle cards do, card issuers frequently offer a high reward rate on online spending (particularly at select popular e-commerce websites like Amazon, Flipkart, etc.), dining spending, and movie ticket purchases made with these entry-level credit cards. This is done with the intention of attracting the type of customers who are most likely to use these cards.
2. Shopping Credit Cards
As you would have guessed, retail credit card use is where shopping credit cards shine the brightest. The majority of these shopping credit cards are, in reality, entry-level credit cards that provide you with a high reward rate for using the card to make purchases at specific online and offline businesses.
However, the majority of these retail credit cards are co-branded cards, which means that their debut was coordinated by the card issuer and a partner merchant. The Amazon Pay Credit Card issued by ICICI and the Flipkart Credit Card issued by Axis Bank are currently the two retail credit cards that have the greatest level of demand in India.
However, the majority of retail credit cards are considered to be entry-level credit cards; as a result, they either do not charge an annual fee at all (like the Amazon Pay ICICI Bank Credit Card) or charge a fee that is very low.
3. Super Premium Credit Cards
Super-premium credit cards are credit cards that not only offer a high reward rate but also offer a multitude of value-added privileges. These value-added privileges can include complimentary lounge access at airports (usually unlimited at both domestic and international airports), a comprehensive insurance plan, a lower markup on foreign currency transactions, attractive travel and dining benefits, and many more.
Super-premium best credit cards in India 2022 can be distinguished from other credit cards by their ability to offer a high reward rate. These credit cards contain a high joining charge as well as an annual cost, however, in most cases, these fees can be eliminated after reaching the predetermined spending thresholds.
Moreover, super-premium credit cards are offered to high-net-worth individuals, and their application processes are either by invitation only or subject to stringent eligibility requirements.
4. Travel Credit Cards
Here is another best credit card in India. You should be looking for credit cards that fall into the category of travel credit cards if you are someone who has a passion for traveling and who frequently visits local or international locations for pleasure or on business trips.
These cards typically earn AirMiles as Rewards, or the Rewards Points earned on travel credit cards are transferable to the frequent flyer programs of partner airlines.
Both of these options are available. Additional travel benefits, such as complimentary hotel stays and membership in hotel loyalty programs, are sometimes included with premium travel credit cards. These benefits can be used during the cardholder’s trip.
There are several card issuers out there, and many of them offer travel cards that are co-branded with a specific airline. These credit cards come with specific perks that may be redeemed when flying on partner airlines.
What is the Purpose of a Credit Card?
It is possible to use a credit card in India 2022 to make payments and then benefit from a grace period during which there is no interest charged on the balance. Before choosing a credit card, there are a few things a person ought to keep in mind.
These include the offers and discounts that are available on the card, the presence or absence of cash-back options, any annual maintenance or usage charges on the card that are charged by the bank, any annual fees, terms and conditions, credit limits, and services, among other things.
The incentive programs on many cards are only good for a limited time and become invalid before the card may be redeemed. There aren’t many cards that provide the possibility of building up reward points and then redeeming them for things like vacations, hotel stays, or major purchases.
Annual Fee and Other Charges
When you are picking out a credit card, the first thing you should do is check to see if there are any annual fees or renewal costs associated with the card. In addition to this, you need to examine the conditions for getting the annual and renewal fees waived.
The typical factor that determines whether or not criteria are waived is your typical spending behavior. You should also think about applying for one of the many credit cards that do not have an annual fee and that are available to you.
You need to check other details very carefully, such as the late payment fees, the cash advance fees, the cash withdrawal charges, the GST, the rate of interest charged on the balance amount, the mobile alert charges, the foreign currency mark-up fees, the balance inquiry charges, and the duplicate statement charges.
Credit cards are the safest and most handy instrument for managing your needs for short-term funding, and they are widely accepted in most countries across the world. The Indians began to appreciate this commodity and were aware of its many advantages. The focus of this essay is on the considerations you should make while picking the best credit card in India 2022 that will serve your purposes the most effectively.
Frequently Asked Questions about Best Credit Card in India 2022:
Q1: Which is the best credit card in India for 2022?
Ans: Determine your annual spending amount, then select the credit cards you want from the list above.
Q2: How many Credit Cards can I have?
Ans: However many you may require. If you are unfamiliar with the method, begin with two cards, then gradually raise the count depending on how much money you spend. The majority of people only need five cards.
Q3. Which Credit Card has the best customer service?
Ans: Amex and Citi are two of the most reputable names in the credit card industry and are known for their superior customer assistance. You might also get the same service at any bank as long as you use their super-premium credit cards, though.
Q4. Which is the best fuel credit card?
Ans: None. Purchasing HP Pay codes, HP Pay gift cards, or the HP Pay app simply requires the use of any of your existing cards. It works really well for most people. Paytm Wallet is another option available to you.