Overview

With so many credit cards available in the market offering benefits across multiple categories, choosing the best credit card for you can be a difficult task. To make your search for the right credit card easier, here we have listed the top 10 credit cards in India offered by leading banks and NBFCs. You must compare the best credit cards in terms of their annual fee, features, benefits and offers and then apply for credit card that best suits your needs.

Eligibility Criteria

The eligibility for a card differs from provider to provider. However, the basic criteria are as follows:
  • You should be at least 18 years old.
  • Whether salaried or self-employed, you must have a regular source of income to pay back your bills (minimum income bracket differs from one card to another).
  • You should have a good credit score (Preferably 700 and above).

Fees & Charges

The two main charges that you are required to pay for a credit card are joining fees and annual fees. Apart from these two charges, there are several other charges that cardholders should know about. These include:

  • Duplicate Statement Fee: A fixed sum charge that is applicable if the customer asks to receive a duplicate statement in physical form.
  • Late Payment Charge: This amount is a penalty that is to be paid over and above the interest charges applicable. This fee is payable if the cardholder does not make timely payments.
  • Cash Withdrawal Charges: The cash withdrawal interest is an amount that is charged in case the cardholder uses their credit card to make cash withdrawals against their card.
  • GST: The Goods and Services Tax (GST) is charged on any of the expenses that are made using a credit card. GST depends on the value of the transaction that is inclusive of interest, fees and other charges.
  • ECS or Cheque Return Charge: This is a fixed amount that is to be paid by the cardholder in case of ECS failure or cheque bounce.
  • Foreign Currency Transactions: This fee is a defined percentage of the transaction value for any transactions that are made on foreign land.
  • Over-limit Fee: If the cardholders' fees, purchases or finance charges exceed their credit limit, an over-limit fee is charged from the cardholder.

Documents Required for Home Loan

The documentation requirement also varies from issuer to issuer, some of the key documents required to apply for a credit card are as follows:

  • Identity and Signature Proof: Passport, PAN card, Driving License, Voter ID card, Aadhaar card, employee identity card in case of government employees.
  • Address Proof: CBank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
  • Age Proof: Voter ID card, Secondary School Certificate (class 10), birth certificate, Passport, Aadhaar Card, pension payment order or Receipt of LIC policy.
  • Income proof for Salaried Individual: Latest 3 months' salary slips, Salary account bank statement for six months.
  • Income proof for Self-employed businessmen/professionals: Latest IT Returns with computation of income and other certified financial documents along with business continuity proof.

REQUEST A CALL BACK

We are here to help you always

Need help? Call our award-winning support team at 040 6666666666


Frequently Asked Questions

Apart from offering the ease of use, it is essential to have a credit card for the following reasons:
  • Helps in building a good credit score
  • Interest-free credit period of up to 45 days
  • Hassle-free transactions both online and offline
  • Comes with excellent rewards, cashback, discounts, offers, etc.
  • Handy in emergency financial situations
  • To make big-ticket purchases and pay later in easy EMIs
  • All transactions are secure as they need OTP & PIN authentication

You should always look for a credit card that matches your spending habits. Majorly, there are 5 steps which can help you choose the best credit card for you.

Know the purpose behind getting a credit card
You must identify the need for you to get a credit card. Majorly, there are three reasons why people would need a credit card- to build credit from scratch, to get a higher credit limit to be able to make bigger purchases and to avail offers across various spending categories. The best credit card for you would be the one that matches your needs.

Understand your eligibility for credit cards
Once you clearly know why you want a credit card, you should then understand your own credit profile and which credit cards you may be eligible for. For example, you may want a credit card that offers exciting travel benefits but your income may be low for the card. At Paisabazaar, you get credit card suggestions based on your credit profile and income.

Shortlist the Best Credit Cards
Based on your eligibility, you can shortlist a few credit cards. This will narrow down your search for the right card. To shortlist the cards, you can ask yourself some basic questions like whether you can afford its annual fee or whether it matches your basic needs.

Pick the one that offers the best value
From the shortlisted credit cards, pick one that offers you the highest value overall. Ask yourself whether you would like to use this card 5 years down the line. See if the bank offers an option to upgrade to another card later.

Choose how can you apply
You can either directly apply through the bank’s website or through a third-party website. With the latter, you get the option of comparing the cards from different banks to find the best credit card for you.

Cardholders can enjoy the following benefits that come with their credit card-

Welcome Offers: Most credit cards these days come with welcome benefits in the form of gift vouchers, discounts or bonus rewards points.

Reward Points or Cash Back: Every time you make a purchase on your card, you receive reward points, air miles or direct cashback credited to your account. The accumulated reward points can be redeemed to avail gifts and merchandise whereas cashback is directly applied to your card account. Air miles can be used to book flight tickets at the discounted rates.

Fuel Surcharge Waiver: Almost all the cards come with this benefit under which whenever you refill your vehicle, the surcharge will be waived off provided that you spend a certain amount.

Airport Lounge Access: Some credit cards also offer a certain number of complimentary lounge visits in a year at domestic airports and international airports. Travel-centric cards and premium cards especially offer these benefits.

Insurance: Credit cards also offer insurance and cover accidents up to a certain amount. It may be an air accident coverage, lost card liability cover or an overseas hospitalization cover.

Cash Advance: You can also withdraw cash directly from an ATM using your credit card. This is quite beneficial in times of emergency when you need some urgent cash.

Add-on Cards: A number of credit cards offer you the facility to get an add-on card (also known as a supplementary card) for your family members including your spouse, siblings, children and parents. An add-on credit card usually comes with similar benefits as the primary card.

EMI Conversion: EMI Conversion is the most common benefit on a credit card. You can convert your big-ticket purchases to EMIs and pay over the period of a few months.

Credit card is a financial tool that allows you to borrow money from the bank up to the credit limit assigned. You will have to pay back the amount borrowed during a billing cycle on the next due date. You can choose to pay back the amount in full or only pay the minimum due and revolve the balance to the next billing cycle. Revolving the balance, however, carries finance charges which usually range from 30% to 45% p.a.


arrow-upwards