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Before the coronavirus pandemic, the Indian credit card industry was growing at an annual rate of 25-30 percent but the usage declined amidst the crisis. Taking heed from the pandemic and targeting the premium customers, banks are now looking forward enhance their portfolios. With hundreds of Credit cards available in the market, it really gets very confusing to choose the best according to one’s need. Whether you’re a traveler or shopping freak the credit card companies got you covered with the latest offers and benefits. In today’s article we’ll be discussing the top 5 credit cards in India 2021 to choose from so let’s begin.

Lifestyle Credit cards

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So the first card that we’ll be discussing will be a lifestyle credit card which is by far the most procured credit card in India. It provides lots of perks and benefits to the users in shopping, travel, clubbing, online purchases, and movie ticket bookings. Nearly 80% of cards issued by the banks in India are lifestyle cards. They are created to fit the needs of individuals keeping in mind the needs of rising income and lifestyle changes. These cards also give access to luxury lifestyle privileges and privileges like select restaurants as well as discounts on travel. There are higher rewards on shopping and travel bookings.

Cashback Credit Cards

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Now I don’t need you to explain what exactly is a cashback right? Sometimes this is primarily the reason for overspending by retail customers Cashback credit cards offer a certain percentage of the purchase amount as cashback whenever you make a transaction with the card. The credit card companies may specifically mention which products cashback is applicable. To make you thing clear in a polished manner I’m sharing Snapshot of how customers avail this facility;

Now I want you to focus on bottom of the snapshot. Its clearly mentioned the customers will get cashback offer if the purchase is made by specified Credit Card. Now this is why you should opt for cashback credit cards if you are super crazy for online shopping.

Entertainment Credit Cards

The GenZ likes clubbing on weekends and loves online shopping so one can actually earn lots of rewards if he/she is spending a lot on entertainment activities. Understanding the need for this comes Entertainment credit cards. As the name suggests these Credit cards that provide discounts and offers on entertainment-related spending like movie ticket purchase, concert ticket purchase,  your favorite stand up comedy show, amusement park ticket purchase, and other events.

Premium Credit Cards

These cards are often viewed as a status symbol, premium cards are only offered to high-earning big spenders. Usually, it is opted by HNIs or individuals having a strong financial background. Premium cards have a high credit limit and a number of perks that are difficult, or expensive, to find elsewhere. It provides free access to golf clubs, airport lounges, generous rewards schemes, and insurance. It may also come with complimentary travel and hotel accommodation coupons. Not everyone can get approval to own this card for example in most cases you need to maintain a good Cibil score. Usually, the interest charges are quite high and you need to pay a hefty annual fee as compared to other cards.

Student Credit Cards

Nowadays most college students are burdened with financial obligations. To solve this problem we have Student credit cards it helps them to manage their funds in a better manner plus ensures that young and nascent professionals in building good financial habits from a young age.

The primary users of this category of cards are college students. The card considers the fact that students do not have a stable income source thus interest charges are negligible. In order to prevent students from falling into a debt trap, the student credit card has a low credit limit of up to Rs.15,000 as compared to other cards and is valid for 5 years. The approval for a student credit card has fewer criteria to be satisfied as compared to the other full-fledged cards.

These were the top 5 credit cards that are in use in India 2021. There are a lot of other cards available depending upon the usage and lifestyle of the customers. But make sure you read all terms and conditions associated with the credit card you opt for till then stay tuned!

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