These days, there are scores of credit card companies that vie for consumers’ attention in one of the most relevant consumer markets globally. Choosing a credit card that suits you, in India, is no doubt a daunting task. Furthermore, the current digital age that we live in demands that we get the ‘best’ in everything we use. We want the ‘best credit card in India’ as a result.
However, the first thing you should know before you begin your search for the perfect credit card is that there is no single ‘best’ card. While some credit cards may be ranked higher than others in terms of the credit limits and rewards they offer, in reality, the best one is the one that is aligned with a user’s spending pattern. Furthermore, you can opt for multifaceted credit cards that are truly unique and provide numerous benefits, such as the Bajaj Finserv RBL Bank SuperCard.
How to get the best Credit Card
In India as of 21st March 2021, there were approximately 62 million credit cards in use. The figure accounts for 5 cards for every 100 people. Low penetration creates a zeal for new client acquisition, resulting in numerous perks that issuers offer, making it difficult for consumers to make a decision.
If you have a fairly decent credit score – about 650 or above, you may get approval for a general-use credit card. If you are applying for your first credit card, it may be wise to select an entry-level one. However, if you do feel you deserve one from a list of the ‘best credit cards in India’, you must understand that superior features go hand in hand with premium costs.
6 Ways to Choose the Best Credit Card
While getting the best credit card, you may want to think of cards like the Bajaj Finserv RBL Bank SuperCard. This is a great all-purpose card and provides you with myriad benefits. Here are six tips that can help you find the best credit card in India suited to your needs.
- Decide on Your Spending Pattern – There are myriad credit card options available, with high credit limits and a multitude of rewards attached to specific purchase patterns. So, you have to first analyze your own spending behaviour which matches your lifestyle. If you are a traveller, for example, you may want to pick a card that benefits your travel-related purchases, such as perks like lounge access at airports, or earning air miles on your bookings. Think of whether you need a co-brand card, one which ties in with your purchase requirements. For instance, the ICICI Bank Amazon Pay Credit Card extends numerous benefits when you shop online from Amazon or other portals.
- Fees and Charges – A credit card should be affordable and not cause you to stress over additional costs. There are charges that are linked with the best credit cards in India, and you must be aware of such charges. Your credit card should be leveraged to give you the advantage of free credit and not to expose you to exorbitant costs like heavy interest rates when you purchase items on EMIs, for example. Credit cards also come with joining fees and annual fees, and you should know about them before you start shortlisting cards.
- Read the Fine Print – Much of a credit card’s terms and conditions are ignored. It is essential to read the fine print while you are opting for a credit card. This will enable you to choose the best credit card for you. For instance, you may find what seems like the best credit card to you – one that is premium and touts that it is ‘free’. You may not have to pay a joining fee or an annual fee, for that matter. However, nothing is truly ‘free’ and there will be a fee charged from the second year of credit card use. You may also want to pick a credit card that offers you a fee waiver based on certain milestones achieved while spending.
- Spending Abroad – In case you wish to use a credit card overseas, you may want to check the costs incurred due to such transactions. You should know this beforehand, as these can go as high as 4%!
- Rewards – The best credit card in India for you is the one that maximises the advantages you get with usage. You must choose a credit card that offers benefits to you in terms of cashback and the best reward points based on your distinctive purchases.
- Other Features – Examining the features in terms of benefits, security etc. will determine what the best credit card is for you. You also have to ascertain the credit limit so that you choose a card that suits your spending habits.
The best Credit Card in India
The Bajaj Finserv RBL Bank SuperCard is arguably the best card in India as it combines the power of four cards in a single payment instrument. You can avail personal loans, withdraw cash from the ATM, purchase items on EMIs and use it as a normal credit card, which highlights its versatility.
