Top Ten Best Credit Cards In India – Comparison, Advantages & Disadvantages

Credit cards have become a necessity. While it can reduce the burden of carrying cash everywhere, not using credit cards smartly can result in a financial mess as well. Before selecting a credit card, there are a few aspects that you should check. You should look for the credit card offering the lowest interest rates. This comes handy when you cannot pay your bills on time and your debt keeps increasing. Another aspect to look for is the renewal charge or the annual fees. Some banks offer credit cards free for life; others charge a huge fee once a year. Lastly, you should also check what payment options are available. Always go for credit cards that have the facility of paying bills online. Keeping these aspects in mind, here are the ten best credit cards in India for 2016.

Credit Cards

10. IRCTC SBI Card

The IRCTC credit card is designed for people who travel a lot by train. The card is issued by the Indian Railway Catering and Tourism Corporation Limited in collaboration with SBI.

Advantages:

  • Earn 1 point for INR 125 spent
  • Accepted worldwide
  • Utility bills can be paid through this card

Disadvantages:

  • Joining fee of INR 500
  • Annual fee of INR 300
  • Interest rate of 3.35% per month and 40.2% annually
  • Cheque pick up charges cost INR 90
  • Card replacement costs INR 100

9. HDFC Solitaire Credit Card

This card has been designed for women and provides exclusive deals for shopping.

Advantages:

  • Receive free Shoppers Stop gift vouchers worth INR 1000 every six months
  • Discount of INR 250 on fuel surcharge in each billing cycle
  • Earn 3 reward points on INR 150 spent
  • Cashback of INR 4,000 on every INR 5,00,000 spent
  • Zero liabilty on card loss after informing the bank
  • Interest rate lowered to 1.99% per month if the card is issues against a fixed deposit
  • If you spend INR 10,000 within 90 days of the card being issued, the first year membership fee gets waived off

Disadvantages:

  • Annual fee of INR 999
  • If card is not issued against fixed deposit, monthly interest rate jumps up to 3.4%

8. HDFC Platinum Plus Credit Card

The HDFC Platinum Plus Credit Card is an amazing credit card issued by HDFC. The benefits with this card outnumber the disadvantages.

Advantages:

  • Fuel surcharge waiver of INR 250
  • Earn 2 reward points for every INR 150 spent
  • No liability after losing the card
  • 50 days interest free period from date of purchase
  • No joining fee
  • Interest rate lowered to 1.99% per month if the card is issues against a fixed deposit

Disadvantages:

  • If card is not issued against fixed deposit, monthly interest rate jumps up to 3.4%
  • Annual fee of INR 399

7. Yatra SBI Credit Card

The SBI Yatra card is perfect for travelers and for monthly bill payments.

Advantages:

  • Get travel voucher worth INR 8,250 from Yatra.com upon joining
  • Make utility bill payments
  • Flexi payment options to make payments in installments
  • Earn reward points by purchasing tickets on Yatra.com
  • Gain access to Mastercard Airport lounges across India

Disadvantages:

  • Joining fee on INR 499
  • Annual fee of INR 499
  • Card replacement cost of INR 100

6. SBI Gold Credit Card

The SBI Gold Credit Card can help you pay all your utility bills and stay in control of your finances.

Advantages:

  • The card is accepted worldwide
  • Can be used for booking airline or railway tickets
  • Bill payments can be made online

Disadvantages:

  • Joining fee on INR 299
  • Annual fee of INR 299
  • Interest rate of 3.35% per year

5. Indian Oil Titanium Citibank Credit Card

This card is in collaboration between Indian oil and Citibank.

Advantages:

  • Earn upto 4 reward points on INR 150 fuel purchase from Indian Oil.
  • No annual fee if you spend more than INR 30,000 on the card in a year
  • Option to redeem reward points for free fuel

Disadvantages:

  • Annual fee of INR 1,000 for customers who have not spent more than INR 30,000 in a year
  • Interest rate is set at 3.25% per month

4. Citibank Platinum Credit Card

This is the perfect card for regular travelers.

Advantages:

  • No joining fees
  • No annual fees
  • Special discounts on travel and entertainment

Disadvantages:

  • High interest rate of 3.25% per month

3. Standard Chartered Inner Circle Titanium Credit Card

This is the perfect credit card for people who love shopping.

Advantages:

  • Globally accepted
  • Card payments can be made online
  • 5% cash back on Auchan Stores

Disadvantages:

  • High monthly interest rate set at 3.1%

2. Standard Chartered Platinum Rewards Credit Card

This credit card is perfect for families with low income who love dining out.

Advantages:

  • Earn 5 point for INR 150 spent dining
  • Can be used a gift card option for corporate firms

Disadvantages:

  • Entry fee is INR 399
  • Annual renewal fee of INR 750

1. ICICI Instant Platinum Credit Card

This is the perfect credit card for shopping.

Advantages:

  • No annual fees
  • No joining fees
  • Get INR 200 off on movie tickets every month

Disadvantages:

Higher monthly fees