Launched in 2012 by the National Payments Corporation of India, RuPay is the first domestic card payment network in India. It is a payment network that facilitates electronic payments through debit cards, credit cards or prepaid cards. Many banks and NBFCs including SBI, SBI Card, Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India offer Rupay Credit Cards.
Best RuPay Credit Cards in India 2020
|RuPay Credit Card||Annual Fee||Best Suited For|
|HDFC Bharat Credit Card||Rs.500||Cashback|
|IRCTC Rupay SBI Credit Card||Rs.500||Travel|
|PNB Rupay Select Credit Card||Rs.750||Cashback & Lounge Access|
|Union Bank RuPay Select Credit Card||Nil||Lounge Access|
|IDBI Winnings Credit Card||Rs.899||Rewards & Travel|
|Bank of India RuPay Platinum Credit Card||Communicated at the time of sourcing||Cashback|
|Canara RuPay Select Credit Card||Nil||Lounge Access|
Types of RuPay Credit Cards
RuPay Credit Cards are currently available in 3 variants – RuPay Classic, RuPay Platinum, and RuPay Select.
|RuPay Classic||RuPay Platinum||RuPay Select|
|Personal Accident insurance and Permanent Disability cover upto Rs.1 Lakh||Personal Accident insurance and Permanent Disability cover up to Rs.2 lakh||Personal Accident Insurance and Permanent Disability Cover upto Rs.10 lakh|
How Does a RuPay Card Work?
A RuPay card provides you enhanced security in the form of an embedded EMV chip enabling high-value transactions to be done with complete protection. They also have an inbuilt microprocessor circuit containing information about the card owner.
The cards can be used at over 1.5 lakh ATMs on the National Financial Switch network and purchases can be made at over 8.75 lakh point of sale terminals across India.
Where is the Rupay Credit Card Accepted?
RuPay credit cards can be used for both card-present transactions involving ATMs and point of sale terminals and card-not-present transactions such as online shopping websites, IVR, etc.
While the domestic RuPay credit cards are accepted at all RuPay enabled retail terminals, online websites and at all ATMs, international RuPay credit cards can be used at all RuPay acceptance points in India and all ICS Partner acceptance points such as ATMs, retail terminals and online shopping websites.
RuPay Credit Card Offers 2020
The latest offers on RuPay Credit Cards are mentioned below-
|Brand||Offer Details||Promo Code||Valid Till|
|Eazydiner||2 Months Prime Subscription @Rs.2||No code required||31st March, 2021|
|Myntra||Extra 10% off up to Rs 500 on select styles||RUPAY10||31st December, 2020|
|Oyo||40% off on bookings||NPCIOYO||31st August, 2020|
|Redbus||10% up to Rs. 150 cashback||RBRUPAY||31st December, 2020|
|Swiggy||50% instant discount up to Rs.100||RUPAYNEW||31st August, 2020|
|Faasos||15% off on Wraps, Meals and more||RUPAYFA15||31st December, 2020|
|Shopclues||Flat Rs.50 off on minimum purchase of Rs.149||SCRUPAY50||30th September, 2020|
|1mg||15% off on min value of Rs 500, Free doctor e-consultation||1MGRUPAY||31st December, 2020|
|Ajio||Rs.500 off on Rs.2,000||RUPAY500||30th September, 2020|
|Bata||25% off on a minimum spend of Rs.999||BATARUPY25||31st December, 2020|
Features and Benefits of RuPay Credit Cards
1. Made in India: It has specifically been designed keeping the Indian customer and banking needs in mind.
2. Cheaper: Since most of the transactions that happen in this system are domestic, the costs are bound to be lower.
3. Access to Untapped Market Segments: Due to the wide accessibility of this system, it can be used in many sectors that still remain untouched. For instance, in rural areas, a lot of financial services remain out of reach for the farmers. RuPay cards include the Kisan card, which allows farmers to avail many financial benefits.
4. Better Security: Since all transactions take place inside the country, people who use this system can be assured that their personal financial information will remain safe and is not accessible by foreign parties.
5. Accessibility: The RuPay service is accessible across ATMs and other financial services such as online banking. This makes it a very accessible mode of payment. Also, over 600 banks including major private and public sector banks issue RuPay cards.
6. Wider Reach: There is a whole set of public and private banks that are issuing RuPay credit cards such as State Bank of India, Bank of India, Punjab National Bank, ICICI Bank and HDFC Bank, among others. Their large network of branches, ATMs and merchant partners ensure that people can use their RuPay credit cards anywhere across India.
7. Faster Transactions: Since all the transactions are happening within the country, the payments network works much faster.
8. No Entry Charges: With international services like VISA and MasterCard, banks have to pay an entry fee. This is not the case with the RuPay financial service.
9. No Quarterly Fee: In the case of international services like VISA, banks have to pay a quarterly fee which will no longer be required in the case of RuPay.
10. Existing Account Holders can get RuPay Credit Card: Any individual who already has a savings account in a specified bank that provides RuPay cards can also easily avail a RuPay credit card.
Limitations of RuPay Credit Cards
Lack of Awareness
There is a lack of awareness among people about this financial system. As most of the transactions that take place in the country happen through VISA and MasterCard, people have become habitual to these financial systems.
Credit Cards are Expensive
Putting all benefits aside, RuPay credit cards have the same rates of interest as all other Visa or MasterCard credit cards and as such, remain a high-cost debt.
No International Recognition
Since MasterCard and Visa have been in business for a long time, they are internationally recognised and accepted. This is not the case with the RuPay financial service.
Documents Required to apply for RuPay Credit Card
Any one of the below-listed documents from each list is required to be submitted. Note that the card-issuing bank or NBFC may ask for additional documents as per their internal policies.
*Other supporting documents as per bank’s policy
Difference between Visa, MasterCard and RuPay Credit Cards
|Basis of Difference||Visa||MasterCard||RuPay|
|Place of Origin||USA||USA||India|
|Processing and Verification||Outside India||Outside India||Within India|
|Contactless Payment||Visa payWave||PayPass||RuPay Contactless|
|Payment Processing Time||High||High||Low|
|Insurance Cover||On select cards||On select cards||On all cards|
|Fuel Surcharge Waiver||On select cards||On select cards||1% on all cards|
|Cashback on Utility Bills||Reward Points on most cards||Reward Points on most cards||Cashback up to a certain limit on all cards|
Frequently Asked Questions (FAQs)
Is RuPay credit card available in India?
RuPay Credit Cards are currently available in three variants – RuPay Classic, RuPay Platinum, and RuPay Select. RuPay Classic Credit Card: The card provides exclusive offers at merchant terminals in India and at online sites.
Which is better RuPay or Visa?
Transactions charges for transactions processed on Visa cards are slightly higher than RuPay cards. The government has popularised RuPay payment as part of its financial inclusion drive. Therefore, the processing fees on RuPay transactions is lesser compared to Visa cards.
Is RuPay accepted everywhere?
Like Visa and Mastercard, RuPay Credit Cards are also accepted at ATMs, POS devices and e-commerce websites across India. In addition, Rupay cards are also accepted internationally.
Is RuPay card safe?
RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India. It is a highly secure network that protects against anti-phishing.
What is the eligibility of availing RuPay Credit Card?
In order to avail any of the RuPay credit cards, the applicant must satisfy the conditions as prescribed by the Issuing bank.