There are many credit cards available in the market for credit card users.
But there are some cards which are very beneficial for all those people who are taking their first credit card right now.
Friends, before applying for a credit card, you should keep in mind that some credit cards are also made only for a certain benefit such as air travel, petrol (Fuel Card), shopping, cashback or rewards. Points etc.
But if you are a beginner and applying for your first card, then here I am telling about 11 credit cards for beginners which can prove to be very useful for you.
Methodology
We have analyzed 80 cards of top financial services companies in India based on key factors such as:
- Hidden Charges and Transparency: There should be no hidden charges and the company should be as transparent as possible to its customers.
Value for Money: This is the most important factor which is taken into consideration. The most profitable companies are ranked. - Ease of Access: Companies that have facilitated access to their credit cards have been considered.
Rating
- Cash Back:
Half star and half star for credit cards providing cash back where the system of credit is not complicated and easy to understand for the customers. - Annual Fee and Joining Fee:
Half star for credit cards with no annual fee and half with no fees. Any credit card without any annual fee and joining fee will get one full star, but joining fee of INR 500 has been treated as equivalent to no annual fee. - Availability for all income groups:
Half star if credit card services are available to all income groups, and the other half if services are spread across multiple geographic areas, not just major cities. - Prices for welcome gifts:
Half star for welcome gifts and half star for easy access to those gifts. Here if the intrinsic value of the usable gift at least covers the annual fee, the credit card will receive a full star. - Additional Benefits:
Half star for credit cards providing additional benefits and half for credit cards in which these additional benefits are more user-friendly. For example, if a card offers fee waiver to a user who spends Rs 3 lakh in a year, it is unlikely that all cardholders would want to spend that much in a year.
Types of Credit Card
HDFC Money Back Credit Card
This card is a best option for all those who are applying for their first credit card. HDFC Money Back is a multipurpose credit card. You can use this card for shopping, fuel, EMI, and travel everywhere.
The interest free time in the card is 50 days. After which you have to pay an additional charge of 3.40%.
The annual fee of HDFC money back card is Rs 500/-, which becomes zero if you spend up to 50 thousand in a year.
To apply for the card, your monthly salary should be at least 15 thousand and if your salary or savings account is in HDFC Bank then it can be very beneficial for you.
ICICI Platinum Chip Credit Card
The ICICI Platinum Chip Card is an entry level credit card from ICICI Bank. This card also gives you all the features or benefits that you would expect in any starting card.
You can use this card for online shopping, EMI, fuel filling, movie ticket purchase (Movies & Entertainment), or any additional payment.
The interest free time in the card is 48 days after which you have to pay an additional charge of 3.40 % .
The annual fee of ICICI Platinum Chip Card is Rs 199/- but if you apply for this card online then it is free for you.
To apply for the card, your monthly salary should be at least 20 thousand.
SBI Simply Save Credit Card
SBI Simple Save Credit Card is best for those who are looking for a multipurpose credit card from a government bank.
With this credit card, you can save surcharge by filling fuel at any petrol pump. You can use this card at over 2 million outlets across the world.
Card Annual Fee – 499 / – (If you spend up to one lakh on the card in 12 months, then this card will be free and your fee will also be returned. )
ROI – 3.40% per month
Income Required – 18K – 20K per month
SBI Simply Click Card
If you are looking for a shopping credit card then SBI Simple Click Credit Card would be a good option. You can get up to 10 times reward points for shopping with this card at grocery and shopping malls in India as well as 5% to 10% cashback.
Card Annual Fee – 499 / – (If you spend up to one lakh on the card in 12 months, then this card will be free and your fee will also be returned. )
ROI – 3.40% per month
Income Required – 18K – 20K per month
CITI Cash Back (Daily Cashback)
As the name of this credit card shows, this card gives you cashback facility everywhere. You get up to 5% cashback on every purchase you make, till you pay the house bill.
You can avail cash up to 5% on your bill payments and daily expenses. You can save thousands of rupees annually with CITI Bank Cash Back Credit Card.
Card Annual Fee – 500/-
ROI – 3.40% per month
Income Required – 25K per month
CITI Indian Oil (Fuel Benefits)
If you are looking for a best fuel credit card that can save you thousands of bucks then the CITI Bank Indian Oil Credit Card can help you get up to 66 liters of free fuel per year.
Card Annual Fee – 1000 / – (If you spend up to 30000 / – in 12 months with the card, then this card will be free and your fee will also be refunded.)
ROI – 3.40% per month
Income Required – 25K per month
CITI Rewards Card (Rewards Point)
With the Citibank Rewards Card, you can earn Rewards Points on every spend you spend. You can earn 10X Rewards Points for every 125/- INR spend at grocery, supermarkets and other affiliated stores.
CITI Bank gives you 15% off on food at 2000 restaurants across the country along with many other exciting offers.
Card Annual Fee – 1000/- (Spend 30 thousand in 12 months will not attract card fee.)
ROI – 3.40% per month
Income Required – 25K per month
HSBC Platinum Card (Daily Use)
HSBC Platinum is the card that gives you multiple benefits with its Platinum services. You can avail free movie tickets, 10% to 25% off on travel bookings and many other benefits as well.
Card Annual Fee – Nil
ROI – 3.40% per month
Income Required – 35K per month
HDFC Times Titanium (Entertainment)
HDFC Times Credit Card is for those who are looking for entertainment credit card. The Times Card gives you up to 25% off on movie tickets, restaurants, Domino’s and many other lifestyle and entertainment brands.
Card Annual Fee – 500/-
ROI – 3.40% per month
Income Required – 20K per month
Axis Bank MyZone Card (Lifestyle)
Axis Bank My Zone is the card for entertainment and lifestyle seekers. You can enjoy some premium privileges with this card.
The card benefits include access to airport lounges and exciting offers like movie ticket cashback on entertainment.
Card Annual Fee – 500/- (Fee 500/-, First Year Fee – Nil, After Second Year – 500/-)
ROI – 3.40% per month
Income Required – 25K per month
HDFC SoliTair Card (First Card For Women)
HDFC Bank Solitaire Credit Card is the only credit card dedicated to women in India.
This card gives you the benefit of extra rewards points on every spend, cashback, EMI facility, low annual fee and freedom to use this card at over 2 million outlets across the globe.
Card Annual Fee – 500/-
ROI – 3.40% per month
Income Required – 15K per month
