Best Credit Cards for NRI – Benefits, Eligibility & Application Guide

Following is the predefined eligibility criteria to apply for an NRI Credit Card-

Following is the list of documents that are required to be submitted. It is to be noted that the photocopy of the below-mentioned documents is required to be submitted. However, the bank may ask for original documents for verification. Any 1 out of each category of documents is required to be submitted.

When you opt for an NRI credit card, there are a few things you should consider beforehand. Some of the important points are listed below:

1. Fees: There will be different kinds of fees levied on your NRI credit card. Depending upon the specific card variant, you may have to pay annual fees, processing fees and joining fees at the time of card issuance.
2. Finance Charges: You should check for the credit card interest rates charged by the credit card issuer before making a choice. Also, compare the finance and cash advance charges by different banks before making a decision.
3. International Acceptance: You should be aware of the international acceptance of your credit card. You should try to find out the countries where your card would be accepted and the countries where it won’t be.
4. ATM Usages: You should also be aware of the applicable charges which will be levied when you withdraw cash from ATMs in India and abroad.
5. Card Protection: You should also know if the bank provides you services like emergency card replacement, zero lost card liability, etc. in case the card is lost or stolen.
6. Foreign Currency Markup Fee: You should also be aware of the fact that if there is any foreign currency markup fee charged on your credit card. This fee is levied on using credit cards for making transactions in another country. The lower this is, the better.
7. Other Charges: This is another important parameter that you should be aware of i.e. how much you are going to be charged in case of late payments, replacement of lost card or cancellation
8. Payment Process: You should also be aware of the various types of payment options that are available. Payment options can be in the form of IMPS / NEFT / Cheque / Cash.

NRI credit cards offer various unique benefits to users. Following listed are some of the advantages of the same-

Reward Points: Purchases made using an NRI credit card whether in India or abroad lets you earn reward points.

Surcharge Waiver: Some NRI credit cards also provide a waiver on a purchase of fuel at petrol pumps and a similar benefit may also be availed while making train bookings in India.

Cash Back: Depending on the card and available offers, you can receive cashback as per the applicable rate.

Avoiding Currency Conversion Charges: This is one of the most important advantages of an NRI credit card. These cards eliminate the issue of conversion of currency which helps save conversion charges in the long term.

Revolving Credit Option: All NRI credit cards, whether secured or unsecured, offer the facility of revolving credit so that you can avail the benefit of interest-free periods and they also have an option of carrying forward the balance amount to the subsequent month.

ATM Access: These NRI credit cards provide you with the facility to access cash at MasterCard or VISA ATMs. Currently, this facility is only available outside India.

Add on Cards: You can also avail the facility of supplementary cards or add-on cards on your NRI credit card and these add-on cards can be used by their family members irrespective of their credit score or prior relationship with the card issuer.

Easy Payment Options: You can easily make payments of your credit card via NRE, NRO or FCNR accounts.