Credit card businesses do not just lend you money to make purchases. They also aid in the establishment of your credit history and the improvement of your CIBIL score. They are a more secure option than carrying cash. Apart from the benefits and incentives that come with having a credit card, there is a lot more that you can accomplish. You may take advantage of a number of advantages that come with having a good credit score when you apply from the best credit cards in India. Before granting approval on a loan application or even a credit card application, banks verify or check your credit score, thus maintaining a good credit score is essential to get approvals on your loan or credit card applications.
There are a variety of credit cards available in India that are offered by the credit card companies for various purposes like there are credit cards that are especially designed for beginners who do not have a credit card and would be applying for their first ever credit card. The eligibility criteria for the credit cards that fall under the basic group is that the applicant should have an income of more than INR 4 Lac. with an annual spending of more than INR 1 Lac. with that credit card. Along with the entry-level credit cards, companies have especially designed credit cards for various purposes like a credit card for online shopping which is known as eCommerce credit cards.
Here is a list of the Top 3 Credit Cards in India
1. SBI SimplyClick Credit Card
If you are applying for a credit card for the first time and this would be your first ever credit card, then the SBI SimplyClick Credit Card would be an appropriate choice to apply for. The credit card comes with numerous benefits like cashbacks and discounts when you shop using this credit card. The credit card has a reward rate of 1.25% to 2.5%. However, you need to pay a joining fee of INR 499 + GST to obtain this credit card.
2. IDFC First Credit Cards
IDFC Banks recently unveiled its credit cards that come along with a range of benefits which makes it perfect for first time credit card users. It is most beneficial for you if your monthly spends exceed INR 20,000. The credit card variant however, depends on your various factors that banks take into consideration when you apply for the credit card. But all of the credit card variants offer the same returns on your spends. This credit card has a reward rate of 2.5% and has no joining fee.
3. ICICI Amazon Pay
If you want a credit card that is especially designed for online spens then the ICICI Amazon Pay credit card would cater all your needs without any joining fee. The ICICI Amazon pay credit card has a super quick approval process and you can obtain your credit card very quickly. This credit card offers a reward rate of 1% to 5% as Amazon Pay Balance and does not have any joining fee.
Whenever you apply for a credit card, you should always keep in mind that a credit card is a liability that needs to be paid back. Therefore, along with the instant funds that come along a credit card, comes a lot of responsibility. There are various methods through which you can repay your credit card bills like Netbanking, E-wallets, UPI or even your debit cards. However, UPI full form i.e. Unified Payments Interface is the most common method of paying credit card bills across the country. Moreover, if you fail to pay your credit card bills on time, the credit card company can charge a huge sum of money as a penalty for late payment of the credit card bill.
Read Also: What is The EMI for a 25 Lakhs Home Loan For 15 Years?
