When selecting the prudent credit card in the market, you cannot apply one size fit all concept. Here, you must zero in on your financial requirements and narrow down your choice just by asking appropriate questions. Thus, selecting from the limited options would be simpler. In India, the user base of credit cards in 2019 touched the mark of 47 million as per reports and the market expects to enhance further to 25 per cent by 2025. This encouragement is owing to the attitude of the “buy first & pay later” concept usually prevalent in the younger generation of today. Also, the younger generation usually eyes opting for a lifetime free credit card i.e., a credit card with no annual and joining fees.
Hence, this assists to select a card that endows you the prudent perks depending on your financial scenario. It would no doubt play an important role in forming your credibility and thorough financial health. Let’s check out by going through the top picks concerning credit cards –
HDFC moneyback credit card – perfect for beginners –
In case you are new to the world, an HDFC money-back card is the correct choice for you. Using this credit card is an excellent way to begin building your score while saving substantial funds. With its cashback benefits, you save money for the amount you transact. Here’s how it works, for every transaction of Rs 150, you receive two reward points and even more if it is an online transaction. You can afterwards redeem all the accumulated reward points in exchange for gifts or Airmiles. However, note that you will require a minimum reward point equaling 2,500 to qualify to liquidate them. What’s more interesting is anyone with an income of over Rs 15,000 every month can place an application for a credit making it the best card for young adults who just began earning. The joining fee and annual fee is at Rs 500.
HDFC diners club black credit card – premium card –
This card is a package for high-end spenders with restricted global lounge access as well as competitive bonuses. HDFC diners’ credit card offers the lowest foreign currency rates. Additionally, you get access to complimentary gold games every quarter. And what makes it better is that you earn nearly 3 per cent on every transaction excluding fuel. Also, on every transaction of Rs 150, you get five reward points. Additionally, you get access to various other travel and lifestyle benefits besides reward points. The annual and joining fee for the credit card is Rs 10,000 + GST.
AU bank credit card –
AU bank credit card offers a wide range of 4 new cards with amazing benefits to provide you with the best customer experience. Right from grocery shopping to planning international trips, you get a wide range of lifestyle privileges, and compelling benefits with credit cards like Vetta, Altura, Zenith and Altura Plus.
IndusInd pioneer legacy credit card – best nil annual fee card –
IndusInd pioneer credit cards come with the highest rate of reward among all lifetime cards. You can get a 1 per cent reward rate on all weekday expenses and an even better 2 per cent reward on weekends. Additionally, as part of the anniversary bonus, you get an add-on 6,000 reward points if you transact Rs 6 lakh in a year. As a bonus for sign-up, you get exclusive gift vouchers for the Oberoi Grand Hotel and a gift card from Luxe. The joining charge of the credit card is Rs 45,000 and the annual charge is nil.
SBI credit card PRIME – best lifestyle card –
Considered a prudent credit card for utility payment, the SBI PRIME card comes with the benefit of a priority pass for four free international and eight free domestic airport visits to the lounge. It has a welcome e-gift equaling Rs 3,000. The voucher can be utilised for buying from some top brands like Yatra, Pantaloons, Hush Puppies, Bata, Shopper Stop and others. The annual charge is waived for the credit cardholder with nearly Rs 3 lakh worth of expenditures. This credit card is available in both variants i.e., Master card world and VISA signature.
SBI credit card PRIME is one of the most valuable cards in the market at present. For example, the credit card gets a reward rate equaling 5 per cent, which is basically 20 points on spending every Rs 100. The only drawback is the card on general spending offers a reward rate equaling 0.50 per cent.
American Express Platinum travel card – prudent card for the purpose of travel –
American Express Platinum credit card is one of the best picks for those who are constant or frequent travellers. This credit card offers complimentary lounge access and an additional gift voucher for travel. It all boils down to those milestone benefits. Note that you get a welcome gift equaling 10,000 reward points. This is redeemable in exchange for a Flipkart voucher or can be used on the AMEX travel online platform.
So, not just this credit card ameliorates your thorough travel experience, but even comes with additional benefits like frequent discounts and provides MakeMyTrip voucher and other redemption deals. Additionally, you get 1 reward point on spending Rs 50 every time. Note that the first-year annual charges on this credit card are Rs 3,500 while from the second year, the annual charge is Rs 5,000.
Standard Chartered DigiSmart credit card – One of the best cards for online shopping –
Standard Chartered DigiSmart is one of the best cards if you consider shopping only through online mode. You can avail a discount of as high as 25 per cent on clothes, travel, groceries, food, cab rentals or movie tickets using this card. In a month, it is estimated, you can save an amount of up to Rs 3450.
However, you can just use this credit card for specific online podiums to get discount offers. You get a discount equaling 20 per cent on Myntra on each purchase, a 20 per cent discount on YATRA booking of domestic flights and a 25 per cent discount on hotel bookings.