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Best Credit Cards In India 2022

when choosing the best credit card, there is no ‘one-size-fits-all’. you need to identify your financial needs and narrow your choices by asking the right questions. thus, choosing from a limited pool of options would be easier.
in India, the credit card user base in 2019 reached 47 million, and the market is anticipated to increase more than 25% during 2020-2025. this is mainly because of the ‘buy first and pay later’ attitude prevalent in younger generations.
hence, it helps to choose a credit card that gives you the best perks based on your financial situation. it will no doubt play a vital role in building your creditworthiness and overall financial health

Axis Bank Credit Card

Axis Bank ACE Credit Card
4.5

Joining Fee INR 499+ 18% GST,

no annual fee if you spend INR 10,000 within 45 days of card issuance.
Annual Fee

INR 499+ 18% GST,annual fee waived on an annual spend of more than INR 2,00,000.
Welcome Benefit INR 500 cashback

on spending INR 10,000 in the first 90 days.

Flipkart Axis Bank Credit Card
4.5

Joining Fee INR 500 + 18% GST Annual Fee INR 500 + 18% GST
(No annual fee on spending INR 200,000 in a year)
Welcome Benefits INR 500 worth Flipkart vouchers and 15% cashback up to INR 500 on Myntra on your first transaction using the card.

SimplyCLICK SBI Credit Card
4.0

Joining Fee INR 499 +taxes Annual Fee INR 499
+taxes (this fee nullifies on a spend of INR 10,0000)
Welcome Benefit Get Amazon.in gift card worth INR 500 on joining.

HDFC Millennia Credit Card
3.5

Joining Fee
INR 1,000
+ taxes
Annual Fee
INR 1,000
+ taxes
Welcome Benefits
1000 CashPoints will be given
if the cardholder pays the annual fee.

American Express SmartEarn™ Credit Card
3.5

Joining Fee
Nil
Annual Fee
INR 495
+18% GST, nil annual fee on spending INR 40,000 and above in the previous year.
Welcome Benefit
A cashback of INR 500 on spending INR 10,000
within 90 days of its issuance.

HDFC Regalia Credit Card
3.0

Joining Fee
INR 2,500
+18% GST
Annual Fee
INR 2,500
+ 18% GST; This fee is waived off if you spend more than INR 3 lakh in the first year of taking the card and renew it once again the next year.
Welcome Benefit
2500 reward points
and you get the same every time you pay the annual membership. This benefit will not be given to you if the annual fee is waved off.

SBI SimplySAVE Credit Card
3.0

Joining Fee
INR 499
+ taxes
Annual fee
INR 499
+ taxes (No renewal fee if there is an annual spend of INR 1 lakh on the credit card)
Welcome Benefits
On spending INR 2,000 or more in the first 60 days,
you get 2,000 bonus Reward Points.

SBI Card PRIME
2.5

Joining Fee
INR 2,999
+ taxes.
Annual Fee
INR 2,999
+ taxes (There will be no annual fee on spending INR 3 lakh.)
Welcome benefits
E-gift voucher worth INR 3,000 from any of the following brands:
Bata/Hush Puppies, Pantaloons, Aditya Birla Fashion, Shoppers Stop and Yatra.com.

RBL Bank ShopRite Credit Card
2.5

Joining Fee
Nil
Annual Fee
INR 500
+18% GST
Welcome Benefit
2,000 Reward Points
You will have to make a purchase within 30 days of card issuance to redeem your gifts.

ICICI Coral Credit Card
2.5

Joining Fee
INR 500
+ GST.
Annual Fee
INR 500
+ GST (The annual fee for the second year is waived off on a spend of INR 1.5 lakh in the previous year).
Welcome Benefit
NA

Methodology

We analyzed up to 80 cards from top financial services companies in India on the basis of key factors such as:

a) Hidden Charges and Transparency: There should be no hidden charges and the company should be as transparent as possible to its customers.
b) Value for Money: This is the most important factor which has been taken into consideration. The companies that provide maximum benefits have been ranked.
c) Ease of Access: Companies that have made their credit cards’ access convenient have been considered.

Rating

1. Cash back: Half a star to credit cards providing cash backs and half a star where the system of credit is not complicated and easy for the customers to understand.

2. Annual Fee and joining fee: Half a star to credit cards without any annual fee and half for no joining fee. Any credit card without any annual fee and joining fee will get a full star, but a joining fee of INR 500 has been considered equivalent to no annual fee.

3. Availability for all income groups: Half a star if the services of the credit card are available for all income groups, and another half if services extend to multiple geographies and not just major cities.

4. Value for welcome gifts: Half a star for welcome gifts and half a star for easy usage of those gifts. Here if the intrinsic value of the usable gift at least covers the annual fee, the credit card will get a full star.

5. Additional benefits: Half a star to credit cards providing additional benefits and half to the credit cards in which these additional benefits are more user-friendly. For example, if a card offers a fee waiver to a user who will spend INR 3 lakh in one year, it is unlikely all cardholders may want to spend that much in one year. This makes the feature redundant for certain cardholders.

Axis Bank Ace Credit Card

This card has a number of welcome benefits and you can realize your fee for the card in the first year just by using those welcome benefits. It is not very different from the Axis Bank ACE Card except in the number of welcome benefits.
Joining Fee: INR 499+ 18% GST, no annual fee if you spend INR 10,000 within 45 days of card issuance.
Annual Fee: INR 499+ 18% GST, annual fee waived on an annual spend of more than INR 2,00,000.
Welcome Benefit: INR 500 cashback on spending INR 10,000 in the first 90 days.

Flipkart Axis Bank Credit Card

This card has a number of welcome benefits and you can realize your fee for the card in the first year just by using those welcome benefits. It is not very different from the Axis Bank ACE Card except in the number of welcome benefits.
Joining Fee: 500 + 18% GST
Annual Fee: 500 + 18% GST ( No annual fee on spending INR 200,000 in a year)

Welcome Benefits:
1. INR 500 worth Flipkart vouchers on your first transaction with your Flipkart Axis Bank credit card.
2. Get 15 months Gaana plus at a discounted price of INR 399.
3. 20% off up to INR 500 on The Phy Life.
4. 20% off up to INR 500 on Plum Goodness.
5. 15% cashback up to INR 500 on your first transaction on Myntra using Flipkart Axis Bank credit card.

SimplyCLICK SBI Credit Card

The SimplyCLICK Credit Card can be called a basic point-based credit card for shopping online, which is economical compared to other cards in the same category.
This card is most suitable for users who are interested in saving and earning Reward Points for online shopping.
Joining Fee: INR 499+ taxes
Annual Fee: INR 499+ taxes (this fee nullifies on a spend of INR 1,00,000)
Welcome Gift: Get Amazon.in gift card worth INR 500 on joining.

HDFC Millennia Credit Card

The HDFC Millennia Credit Card was relaunched on October 1,2021. New features have been added to make the card easy-to-use and also provide a new look. Cards issued hereafter will have the renewed features discussed in our review. The bank has partnered with some of the most prominent brands in the market to offer CashPoints worth 5% of the spending on each purchase, which makes it unique
Joining Fee: INR 1,000 + taxes
Annual Fee: INR 1,000 + taxes
Welcome Benefits: 1000 CashPoints will be given if the cardholder pays the annual fee.
If no annual fee is paid, the welcome benefit of 1000 CashPoints stands null and void. This can happen if the user spends INR 1 lakh in the year of the card’s issuance. In such a case no annual fee is charged automatically eliminating the welcome benefit of 1000 CashPoints.

HDFC Regalia Credit Card

Regalia is a premium point-based credit card, which used to be HDFC’s best premium card for a long period of time before the launch of their other products like the Diner Black Credit Card. Regalia still remains significant as it is cheaper than other premium cards and provides more or less all the facilities that the bank’s other cards provide in a comparatively limited manner.
This premium credit card is ideal for people who travel by air, do online shopping (preferably via foreign websites given foreign currency markup benefits) and like to dine outside.
Joining Fee: INR 2,500+ 18% GST
Annual Fee: INR 2,500+ 18% GST; This fee is waived off if you spend more than INR 3 lakh in the first year of taking the card and renew it once again the next year.
Welcome Benefit: 2500 reward points and you get the same every time you pay the annual membership. This benefit will not be given to you if the annual fee is waived off.

SBI SimplySAVE Credit Card

SBI launched SimplySAVE credit card in March, 2018, to facilitate the needs of its young customers who like to dine out, love shopping and are frequent visitors to malls and movie theatres. This card has the same features for offline shopping that SBI’s other card SimplyCLICK has for online shopping. Simply put, SBI’s SimplyCLICK is ideal for online shopping and SimplySAVE is for offline shopping.
The fee is not very high and it is an easy-to-apply card.
Joining Fee: INR 499 + taxes
Annual fee: INR 499 + taxes (No renewal fee if there is an annual spend of INR 1 lakh on the credit card)
Welcome Benefits:
• On spending INR 2,000 or more in the first 60 days, you get 2,000 bonus Reward Points. This offer is valid for new cards only and not applicable for upgrades, re-issued, replaced and renewed cards.
• Bonus Points are credited to the user’s SBI card account within 60 days of eligible transaction(s).
• Maximum 2000 points can be availed per SBI card account as a part of this offer.

SBI Card PRIME

SBI Card PRIME is a premium credit card launched in 2017 by the State Bank of India. Unlike other premium credit cards, SBI PRIME may be more accessible for some. This card has three variants as a result of SBI’s collaboration with VISA, Mastercard and American Express. There is a slight difference in the facilities that these three companies provide. From Club Vistara membership to airport lounges, it facilitates travellers and even the system of reward points is appealing.
Annual Fee:
• An annual fee or renewal fee, which has to be paid every year to the tune of INR 2,999 + taxes.
• There will be no annual fee on spending INR 3 lakh.
Welcome benefits
• E-gift voucher worth INR 3,000 from any of the following brands: Bata/Hush Puppies, Pantaloons,
• Aditya Birla Fashion, Shoppers Stop and Yatra.com.

ICICI Coral Credit Card

The ICICI Bank Coral Credit Card is a point-based basic credit card. This credit card is recommended only for its various shopping offers and not for the Reward Points as its PAYBACK percentage is low.
The ICICI Platinum Chip Credit Card and ICICI Bank Coral Credit Card are very similar, barring a few extra privileges such as the added facility of railway and airport lounges on the latter. Many times, the bank offers this card to its loyal customers as a pre-approved credit card that doesn’t attract a joining fee or an annual fee, making it a harmless card to have.
Joining Fee: There is a joining fee of INR 500 + GST.
Annual Fee: INR 500 + GST (The annual fee for the second year is waived off on a spend of INR 1.5 lakh in the previous year).

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