Finding the right credit card is almost like shopping for clothes i.e. the one-size fits all option never works. Choosing the right card depends on a lot of factors that are unique to the prospective card holder – the type of expenditures made, repayment capacity, the savings and discounts on offer, reward points calculation/conversion, annual/renewal fees, currency mark-up charges and so on. Moreover, with so many banks offering a diverse array of cards – each with its own pros and cons – choosing the card that fits your wallet perfectly is definitely not easy. To help you with your decision, the following is our list of the top 5 credit cards in India that offer maximum savings benefits to salaried individuals.
Citibank Indian Oil: If you drive around a fair bit whether as part of your daily commute or just for fun, the Citibank-IndianOil co-branded credit card is your perfect travel partner. For starters, if you swipe this card at any IndianOil outlet, you receive 5% value back on your fuel bill, which includes a 2.5% fuel surcharge waiver. But your benefits don’t stop there. Every purchase you make using your CitiBank IndianOil credit card, earns you “turbo points”, which can be redeemed in lieu of free fuel, pay with points benefits at partner stores as well as various gift vouchers available in the Citibank Rewards catalog. All of these benefits are available to you at zero annual fees as long as you make spends worth Rs. 30,000 using your CitiBank card.
SBI Simply Click: In case you are interested in applying for this credit card, you should know that it offers annual savings exceeding Rs. 10,000 when approximately Rs. 2 lakhs is spent across multiple categories during the year. Users get a welcome gift voucher worth Rs. 500 from Amazon and 10X reward points on online spends with exclusive partners of SBI such as Amazon, Book My Show, Cleartrip, Foodpanda, Fab Furnish, Lenskart, OLA Money and others. In addition, cardholders receive 5X rewards on purchases made at many other online stores. You can also benefit from the 2.5% fuel surcharge waiver that can be availed at all domestic petrol pumps. In case of all other expense categories you can look forward to 1 reward point per Rs. 100 spent. The joining fee and renewal fee from the second year onwards for this card is Rs. 499. However, these renewal fees are reversed if users spend Rs. 1 lakh or more annually.
American Express Platinum Travel Credit Card: This premium credit card can be opted for by big spenders such as those who earn Rs. 6 lakhs or more annually. Cardholders can earn 1 membership point per Rs. 50 spent on all spending categories excluding fuel bills, insurance premium payments, utility bill payments and cash transactions. At the time of signing up, you get 5000 bonus membership points that can be redeemed against travel vouchers worth Rs. 4000. That’s not all. You also get complimentary access to leading airport lounges in Bengaluru, Mumbai, Delhi and other key locations for being a holder of the American Express Platinum Travel Credit Card. This premium American Express card features a sign-up fee of Rs.3500 and from the 2nd year onwards you have to pay Rs.5000 annually to avail its many benefits.
Standard Chartered Super Value Titanium Card: This Standard Chartered credit card is definitely a must have for any salaried individual’s wallet. The range of benefits the Super Value Titanium card offers starts with its 5% cashback benefit on key expense categories such as phone bills, utility bills and fuel expenses. For all other expenses, you earn reward points with bonus rewards of 1000 points on your first use of the card within 60 days of card setup. You can use your reward points to receive a range of freebies and gift vouchers featured in Standard Chartered’s 360 degree Rewards catalog. With a first year fee of Rs.499, which is waived in case Rs. 30,000 or more spent during the first year, this card is nothing short of a steal. Similarly, the annual fee of Rs. 750 from the second year onwards is also waived on annual spends of Rs. 60,000 or more using the Standard Chartered Super Value Titanium Card.
RBL Platinum Maxima Card: This is premium credit card and is considered ideal if you are heavy spender in key categories such as dining, entertainment, fuel and utilities. You can earn 5 times more reward points in case of expenditures made on these categories apart from the standard rewards that are applicable to all other spends. It also offers a 1 plus 1 movie ticket option from Book My Show website and app every month. Additionally, you have the opportunity to receive 10,000 reward points on annual expenditure of Rs. 2 lakhs and an additional 10,000 points on annual expenditure of Rs. 3.5 lakhs using your credit card. The joining and renewal fees for this card are Rs. 2,000, however, in case you spend Rs. 2.4 lakh annually, these fees are waived off.