Best Credit Cards in India

Introduction

Credit cards are important financial instruments providing short-term credit services. They offer convenience and various financial rewards to cardholders. Credit cards usually extend a fixed monthly credit that can be paid at the end of the billing cycle. Timely and full payments result in a better credit score for the cardholder. However, unlike debit cards, not using credit cards mindfully can lead to high-interest debts, late payment fees, and damage to credit history.
Credit cards have seen significant growth in usage in the last few years. Growing financial awareness and changing lifestyles have majorly contributed to this growth. Credit cards keep you liquid and provide the convenience and security of seamless purchases without worrying about cash flow. With an increased focus on cashless payments, credit cards are a great way to build credit history and facilitate quick, one-tap payments.

Top Issuing Banks & Payment Networks

All major banks and credit institutions in India offer credit card services to eligible customers. SBI and Kotak Mahindra Bank are the most popular banks catering to a diverse client base. They have attractive shopping, fuel, and travel benefits for new credit card holders. Banks like CitiBank and American Express offer a global, premium credit card service, with higher spending limits and personalized benefits. International travelers and HNIs prefer these exclusive cards.
There are few major payment networks accepted worldwide

• RuPay- RuPay is an Indian payment network, developed locally by the National Payments Corporation of India. Known for their low transaction fees, most government websites require you to transact with RuPay cards.

• MasterCard- MasterCard is one of the earliest payment networks in India. It is a widely accepted card system, offering robust security and world-class support.

• Visa- Visa is the largest payment network in the world, with more than 60% of global credit cards adopting it. Most Indian banks issue Visa cards due to their wide acceptance, heavy discounts, and cashback on shopping and travel.

• American Express- AmEx is a closed network, meaning no third-party banks can issue AmEx credit cards. These are exclusive cards with high-end perks but are still globally accepted.

Benefits of Credit Cards

There are a lot of benefits to using credit cards for your purchases and casual expenses. They are accepted worldwide at all cashless payment stores.

• Reward Programs- Each credit card offers cash points for every transaction. These points add up, allowing you to redeem various benefits and discounts.

• Cashback Offers- Credit cards offer cashback on shopping and fuel transactions leading to instant savings.

• Credit Score- If you pay credit card bills on time, it improves your credit score which is essential to obtain low-interest credit from banks.

• EMI- Credit cards provide a low-cost EMI option for big purchases to manage your expenses.

Choosing the Right Credit Card

Mouthshut lists reviews of top credit cards in India, helping you select the one that meets your requirements with the most benefits. Factors such as reward programs, annual fees, late payment charges, bank reputation, and customer service should be considered when choosing a credit card. In-depth reviews by actual credit card holders give a clear picture of the pros and cons, and what card suits your spending preferences.