Best Credit Cards - Banking of India

Finding the right credit card that caters to your requirements and needs is a hectic task especially when you have plenty of options in the market. The card that would meet all your needs would offer airport lounges/golf rounds/ lessons etc. without charging a hefty members fee. However, this is an unrealistic expectation that a card would offer all the benefits at a nominal fee. So, the car issuers offer different cards as per your expectations and requirements.

Since everyone’s preferences differ based on their unique requirements and spending behavior, there is no single card that can be deemed the best for everyone.

Applying for a credit card without good research is never a good idea. But you must understand your spending habits and choose a card that suits you and your income which is quite obvious. This article aims to assist you in selecting the best credit card in 2023. Just continue reading this.

Top Credit Cards Under Different Categories

Before you make a final decision, consider all the benefits of the card. Are you signing up to save all the daily expenses or as a frequent flyer or are you just aiming to earn extra miles or reward points? Having a clear answer to these questions is so damn important as different categories cater to different requirements. Thus, experts at Banking of India have crafted a compiled list so that you can choose the desired card as per your needs or desire.

Axis Bank MY Zone Credit Card

On-boarding benefits

1,499 as Neu as a newest member benefit

Rewards Rate

With every Rs. 150 spent on the card, you will earn 2 reward points.

Joining Fees

Rs 500 + GST

AU Bank LIT Credit Card

On-boarding Benefits

The card offers many onboarding benefits such as 1 reward point per INR 100 and cashback benefits for a particular feature that you select. Not only that, the card offers membership to all the premium brands such as Zee5 and Amazon Prime video.

Reward Points

Get 10 Reward Points with this card

Joining Fees

Axis Bank Vistara Infinite Credit Card

On-boarding Benefits

Complimentary Business Class ticket voucher

Reward Points

3 Reward points on every spend worth INR 150

Joining Fees

Rs 500 + applicable taxes

Standard Chartered Ultimate Credit Card

On-boarding Benefits

Avail Complimentary annual membership of Forbes, Club Marriot, Times Prime, MMT black amazon prime on spending of INR 1,50,000 or even more in the first day of issuance.

Reward Points

5 Rewards points on every spend of Rs 150. 10x reward points on Smart buy and 2X on dining ones.

Joining Fees

Rs 5000

HDFC Bank Infinia Credit Card Edition

On-boarding Benefits

This comes with bonus of 12,500 Reward points and membership of Complimentary Club Marroit membership for the first year only offering 20% on the dining and stay in Asia-pacific region.

Reward Points

5 Reward Points on every retail spend of Rs 150, reward rate up to 3.3%

Joining Fees

INR 12500 + Applicable Fees

Things to Keep in Mind While Applying for a Credit Card

Before you apply for any credit card here are some factors that you must consider well before.

Credit Score

Your credit score plays a crucial role in the approval process. The higher your credit score, the better your chances of being approved for a credit card with favorable terms. Check your credit score before applying.

Credit Card Types

Understand the different types of credit cards available, such as rewards cards, cash-back cards, secured cards, and low-interest cards. Choose the one that aligns with your financial needs and spending habits.

Interest Rates

Pay attention to the annual percentage rate (APR) on the credit card. A lower APR means lower interest charges if you carry a balance. Some cards offer introductory 0% APR for a certain period.

Fees

Be aware of any annual fees, late payment fees, cash advance fees, and other charges associated with the credit card. Compare fees across different cards to find the most cost-effective option.

Rewards and Benefits

Consider the rewards and benefits offered by the credit card, such as cashback, travel rewards, or discounts. Choose a card that provides rewards that match your lifestyle and preferences.

Credit Limit

Understand the credit limit offered by the card. A higher credit limit can be beneficial, but it also comes with the responsibility of managing your credit wisely to avoid accumulating excessive debt.

Introductory Offers

Some credit cards offer introductory bonuses, such as bonus points or cash back. Be aware of any conditions or time limits associated with these offers.

Terms and Conditions

Carefully read and understand the terms and conditions of the credit card agreement. Pay attention to details like grace periods, billing cycles, and any potential changes in terms.

Payment Grace Period

Check the grace period for making payments without incurring interest. Knowing the due date and grace period can help you avoid late payment fees and interest charges.

Application Process

Be prepared to provide accurate and complete information on your credit card application. Inaccurate information could lead to delays or denial of your application.

Credit Card Usage

Understand how you plan to use the credit card. If you plan to carry a balance, focus on low-interest-rate cards. If you plan to pay in full each month, rewards and benefits may be more important.

Closing words

Choosing the best credit is a hectic task but if you have analyzed the spending needs. The best you can do here is determine what portion of your credit card bill the various categories of spending account for. This will help you to make the final conclusion.

Frequently asked questions related to Best Credit Cards

Which Type of Credit Card in India is best?

There is no credit card from any bank which can be considered the “best”. This all depends on various factors such as spending habits, income, and the card used.

Which Credit Card is best for Shopping in India?

The best credit cards for online shopping are Amazon Pay ICICI Bank Credit Card and Flipkart Axis Bank Credit card. You can use these cards on the respective online website and get major discounts and rewards.

What is the minimum age to get a credit card?

The minimum age to get a card varies from card to card. Some issuers like SBI Card, and Axis Bank have set a minimum age of 18 age. However, issuers like HDFC Bank have created a minimum age of 21 years to apply for any credit card. In some cases, if you are above 18 years old, you can get an add-on card from any of the major card issuers in the country.