Looking for the credit card which offers great incentives and excellent customer service? If you’re frustrated with your existing credit card, you may wish to consider the top 5 credit card options when a good credit card is considered. Read on for the services, key features, and rewards you can expect from the best credit card in India, to make a learned decision.
1. ICICI
Most of the people agree that the optimum credit card is offered by ICICI in India due to clear reasons. For example, you can apply to get a credit card depending on your salary slip or tax returns if you live in a few selected areas of the country. Additionally, you can get your ICICI instant card, if you’ve an account already in the bank. So, if you want to get this card, all you will need is to do is to go to any branch of ICICI and open a Fixed Deposit account with a minimum amount of INR 20,000. You’ll get your credit card after opening your account with this bank.
What’s good about instant credit card offered by ICICI is its surprisingly low interest rate, which doesn’t exceed 2.5% monthly. This is much lower, in comparison to the cards based on salary slip or tax return which ranges from 3-4%. You also can choose from three different instant credit card options such as the titanium, gold or platinum.
2. HDFC
HDFC is the top company in the industry of credit cards with almost 28% in market share. But, most clients state that HDFC is tarnished for its high fee for credit cards, though the applications for getting a card are relatively simple. All you have to do is to open your account and maintain a required quarterly average balance amount, which is INR 20,000. When you’ve exceeded the balance of 20,000, you can go to any HDFC branch and apply for credit card, which will be received between 7 to 14 days.
If you’ve a salary account at any HDFC branch currently, you only have to submit your own salary certificate to get a card and there will be no QAB to maintain for you. While this bank offers different payment options like internet banking, a few people don’t like the huge markup fee which is around 3% to 5% of the specific transaction sum.
3. SBI
At SBI, you can apply for a new credit card against a FD amount of Rs. 20,000 at least with a maximum credit limit of 75 percent. Upon submitting the application requirements, you will have to wait at least for a couple of weeks before you receive your card. Though this card offers incentives and perks to loyal clients, the charges are quite expensive.
Currently, a SBI card user gets one point as a reward for every INR 100 spent and these points can be redeemed at credit card Company’s site. Unfortunately, there are a few limited options when the items that you can purchase with the points you’ve incurred are considered.
For more convenience, you can select to view your transaction or make your payments online monthly. However, it doesn’t offer instant repayment; therefore, it takes two days at least for the paid sum to get credited in your own account easily.
4. Canara Bank
Recently only, Canara Bank has introduced its credit cards to the public and it can take several weeks to receive your credit card. The main prerequisite is your Income Tax Return. Canara Bank doesn’t accept your salary certificate for the credit card applications. After sending all the necessary documents, the waiting time period can take anywhere between 1-2 months.
Moreover, there are only limited options available in paying your balance, and monthly statement can take a quite long time before it’s sent to you. Actually, other clients claim to have got their monthly account statement after three to four months. Luckily, there are incentives and rewards that frame for the limitation of this company. The best features consist of zero-interest fee for your cash withdrawal via ATM, provided that this amount is settled down before due date. There also is a reward program offered by Canara Bank, which allows you till one point for minimum purchase of INR 100. Each point is equal to INR. 0.50 in this.
5. Standard Chartered
Next good credit card offered in India which is worth considering tends to be Standard Chartered. This company offers prominent features like 5 percent cashback offer on your telecom or petrol, as well as one percent cashback on a retail purchase. You also will be entitled to 2 reward points when you spend Rs. 100 at least using this credit card. As for credit and cash advances limit, clients will be notified only upon issuance of credit card.
