Factors to Consider Before Choosing a Credit Card (2024)

Are you searching for a decent credit card in India to match your preferences in 2024? Finding your ideal credit card can be tricky, but with the right factors in mind, you can choose the best credit card in India. Whether you are eyeing cashback benefits, exclusive lounge access, complimentary hotel stays, or the luxury of business-class tickets, your search concludes here.

In this post, we have curated the top credit cards designed for diverse user categories across various banks.

Let’s start with the basics of credit cards. These cards enable you to borrow money from your bank and repay it gradually. Some individuals opt for credit cards for convenience, allowing them to use the card like cash anytime without immediate interest concerns. Others favour them for their flexibility in spending limits and fees, surpassing what debit cards provide.

Top Credit Cards in 2024

Here is our carefully curated list of the best credit cards in India.

Factors to Consider Before Choosing a Credit Card

Credit Score

Your credit score is an essential factor. Different cards have different requirements. If you’re eyeing a card for travel or shopping, having a higher credit score is better. But if you’re new to credit cards, start with one that’s easier to qualify.

Fee

Fees can add up, especially if you often carry a balance. High-interest rates can make it challenging to pay off your balance monthly. Always compare rates and check all the fees associated with your chosen card. Some cards offer cash-back rewards or perks with annual fees, while others charge an annual fee without additional fees or interest rates.

3. Interest Rates

Consider credit card interest rates, typically higher; factor this into your card selection. Rates hinge on card usage duration and location. Numerous cards offer a fee-free, interest-free initial period. Post this, a standard Annual Percentage Rate (APR) kicks in, spanning 0% to 27%, contingent on your account history and location. These rates only apply if the full amount isn’t paid by the due date. Be mindful of these credit card interest rates to make informed financial decisions.

Overview of The Best Credit Cards in 2024

ICICI Coral Credit Card

• ICICI Coral Credit Card is recommended for its various shopping offers.
• Offers a single domestic railway lounge visit per quarter.
• Provides access to select airport lounges in India quarterly after spending a minimum of Rs 5,000.
• Movie enthusiasts can enjoy a 25% discount (up to Rs 100) on two tickets twice a month on BookMyShow and Inox.
• The rewards program includes earning 2 PAYBACK points on spending Rs 100.
• Additionally, earns 1 PAYBACK point on spending Rs 100 on utilities and insurance categories.
• No PAYBACK points are awarded on fuel transactions.

ICICI Platinum Chip Credit Card

• ICICI Platinum Chip Credit Card is a point-based basic credit card with no annual or joining fee.
• Offers PAYBACK points for insurance payments and various special online offers.
• Provides a 1% fuel surcharge waiver on transactions up to Rs 4,000 at HPCL pumps.
• Users can enjoy a 15% discount on dining at 2,500 partner restaurants through the ICICI Culinary Treat Programme.
• The rewards program includes earning 2 PAYBACK points on every Rs 100 spent on retail purchases (except fuel).
• Additionally, it earns 1 PAYBACK point for every Rs 100 spent on utilities and insurance categories.

Amazon Pay ICICI Credit Card

• Amazon Pay ICICI Credit Card, launched in collaboration with Amazon, is designed for convenient shopping on Amazon.com and using Amazon Prime benefits.
• A lifetime free card with no annual charges, offering a surcharge waiver on fuel purchases.
• Cash-back options include a total 5% discount with Amazon Prime membership and 3% cashback for non-prime members.
• Additionally, purchases from Amazon Pay’s merchant partners yield Amazon Pay Balance points worth 2% of the purchase.

SimplyCLICK SBI Credit Card

• SimplyCLICK SBI Credit Card has an annual fee of Rs 499 + taxes.
• It welcomes users with a gift of a Rs 500 worth e-gift card from Amazon.
• The card offers a 1% fuel surcharge waiver on transactions ranging from Rs 500-3,000.
• Users can also benefit from e-vouchers worth Rs 2,000 for annual online spends of 1 Lakh.

Axis Magnus

• The Axis Magnus Credit Card best suits individuals who value airport meet-and-greet services.
• It provides complimentary airport meet and greet service, offering a new and convenient airport experience.
• It becomes exceptionally beneficial in various situations, providing a valuable service during travel.
• The card is particularly advantageous for high spenders, offering superb rewards, especially for those who spend more than Rs 1.5 Lakh a month.

Axis Atlas

• The Axis Bank Atlas Credit Card is ideal for those interested in ITC and other airline transfer partners.
• This credit card has recently been enhanced with a better reward rate.
• It comes with the USP of Axis Magnus & Reserve, which is especially beneficial for high spenders, approximately Rs 15 Lakh a year.
• The card offers accelerated rewards on airlines and hotels, making it particularly useful for individuals who frequently engage in such transactions.

Conclusion

When searching for the best credit card in India, it is helpful to consider various factors to make a smart financial decision. The comparison of credit cards allows individuals to choose a card that aligns with their financial needs.

New cardholders should opt for a credit card with a good or excellent credit score requirement. A higher credit score enhances the likelihood of timely debt repayment, contributing to developing a robust credit history. By selecting a card with an excellent credit score requirement, consumers with high credit scores can enjoy favourable loan opportunities.