“Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale.” – Zig Ziglar.
In today’s world, credit cards have become essential, especially for salaried individuals. A credit card not only offers the convenience of making purchases without the need for immediate cash but also provides various rewards and benefits.
When it comes to choosing a credit card for salaried individuals in India, it can be a bit overwhelming, and there are several factors to consider.
The interest rate, credit limit, fees and charges, rewards program, and additional benefits are some of the crucial factors that one should look for in a credit card.
Choosing the best credit card is essential to ensuring that you make the most of your spending. With the right card, you can earn rewards and benefits from credit cards while managing your finances effectively.
In this blog, we will discuss some of the best credit cards for salaried individuals in India, taking into account the aforementioned factors.
We will give you a brief overview of each card, including its features and benefits, fees and drawbacks to help you make an informed choice.
Best Credit Cards for a Salaried Person in India
SBI SimplyClick credit card
SBI SimplyClick credit card is offered by the State Bank of India, one of the largest banks in India. It is designed to cater to the needs of salaried individuals who prefer to do most of their transactions online.
Features and Benefits of the Card:
- Welcome Benefits: The card offers a welcome gift voucher from Amazon worth Rs.500 on joining.
- Annual Fee Reversal: The annual fee of Rs.499 is waived if the cardholder spends Rs.1 lakh or more in a year.
- E-Commerce Rewards: Get 10X reward points on online purchases made at partner stores like Cleartrip, Bookmyshow, EazyDiner, Netmeds, Apollo 24/7, and Lenskart, and 5X reward points on all other online purchases.
- Fuel Surcharge Waiver: Cardholders can avail of a fuel surcharge waiver of 1% on transactions between Rs.500 and Rs.3,000 at any petrol pump.
- Contactless Payments: The card is enabled with the contactless payment feature, which allows cardholders to make transactions without having to swipe or insert the card into a terminal.
- Global Acceptance: The card is accepted worldwide at over 24 million Visa outlets, making it convenient for travelers.
- Joining Fee: Rs.499
- Annual Fee: Rs.499 (waived off on spending Rs.1 lakh or more in a year)
- Interest Rate: 3.35% per month ( or 42% p.a.)
- Limited reward points on non-online purchases.
- Annual fee is charged for the card.
- Reward points have an expiry period.
|Trivia Fact: The Bank of Calcutta was founded in the first decade of the 1800s and this is where the State Bank of India got its start.
HSBC Visa Platinum Credit Card
HSBC Visa Platinum Credit Card is a popular credit card with a host of features and benefits that cater to the diverse financial needs of individuals.
Features and Benefits:
- Rewards and cashback: The card offers up to 10% cashback and it rewards cardholders with 2 reward points for every Rs. 150 spent.
- Fuel surcharge waiver: The card offers a fuel surcharge waiver between Rs. 400 and Rs. 4,000, making it ideal for frequent travelers.
- Free movie tickets: Cardholders can enjoy up to Rs. 3000 movie vouchers every year which is an added advantage for movie buffs.
- Travel benefits: The card offers travel insurance, lounge access, and discounts on hotels and flight bookings.
1. Joining fees: NIL
2. Annual fee: NIL
3. Interest rate: 18% to 23.88% per annum.
- Limited rewards and cashback categories.
- Not suitable for low-income individuals.
|Quick Fact: HSBC came from a simple idea: a local bank serving international needs
American Express Membership Rewards Credit Card
American Express Membership Rewards Credit Card is one of the popular credit cards in India that offers several special features and benefits to its customers. The details are as follows.
Features and Benefits:
- Membership Rewards Program: The card offers a membership rewards program that allows you to earn points on every transaction you make using the card. You can redeem these points for a wide range of rewards, including gift vouchers, merchandise, and air miles.
- Good for Salaried Individuals: The card is suitable for salaried individuals who can make use of the card’s features, such as cashback, reward points, and discounts on various categories. The salary requirement is 6 lakh per annum.
- Welcome Bonus: The card offers a welcome bonus of 4,000 Membership Reward Points on the first transaction made within 90 days of card issuance.
- Reward Points: You can earn one Membership Reward Point for every Rs.50 spent on the card. Additionally, you can earn bonus points for using the card for specific categories such as dining, travel, and shopping.
- Discounts and Offers: The card offers several discounts and offers on dining, travel, shopping, and entertainment across India.
- Global Acceptance: The card is widely accepted abroad.
- Joining Fee: Rs.1,000 plus taxes.
- Annual Fee: Rs.4,500 plus taxes, which is waived off if you spend Rs.1.5 lakh in a year.
- Finance Charges: 3.5% p.m
- The card’s annual fee is relatively high compared to other credit cards in India.
- American Express cards are not widely accepted in India, especially in smaller towns and cities.
We have been using this CC and using it for quite some time now. Here is the pick
|Quick Fact: Today, it is against the law to send credit cards to people who haven’t asked for them. It is okay to send pre-approved applications.
HDFC Bank Diners Club Black Card
The HDFC Bank Diners Club Black Card is a premium credit card designed for high-net-worth individuals who prefer luxury and exclusivity. It comes with several features and benefits that make it an attractive choice for salaried individuals.
Features and Benefits:
- Welcome Benefit: Cardholders can avail of a welcome benefit of 10,000 reward points on paying the joining fee and taking their first transaction within 90 days of card issuance.
- Reward Points: Cardholders can earn reward points on all their transactions, including dining, travel, and shopping. They can earn 5 reward points for every Rs. 500 spent on retail transactions and 10x points on selected partners.
- Lounge Access: Cardholders can enjoy unlimited access to domestic and international airport lounges across the world.
- Golf Privileges: Cardholders can enjoy 6 complimentary golf games and coaching sessions at leading golf courses across India.
- Travel Benefits: Cardholders can avail of travel benefits such as air accident insurance, travel insurance, and emergency travel assistance.
- Concierge Service: Cardholders can avail of a 24×7 concierge service that can assist them with hotel reservations, flight bookings, and other travel-related services.
1. Joining Fee: Rs. 10,000
2. Annual Fee: Rs. 10,000.
3. Late payment fees: Up to Rs. 1,300.
- The card comes with a high joining fee and annual fee, which may not be affordable for everyone.
- The card is a Diners Club card, which may not be accepted at all merchant outlets.
|Quick Tip: Use your credit card as a budgeting tool by keeping track of how much you spend each month.
Axis Bank Platinum Credit Card
Axis Bank Platinum Credit Card is an ideal choice for salaried individuals who are looking for a credit card with an array of features and benefits. Following is a closer look at the features, benefits, fees, and drawbacks of this card:
Features and Benefits:
- eDGE Rewards Program: Cardholders can earn 6 eDGE reward points for every Rs. 200 spent on the card, and these points can be redeemed for a range of benefits, including merchandise, gift vouchers, and air miles.
- Fuel Surcharge Waiver: The card offers a fuel surcharge waiver of 2.5% on fuel transactions of up to Rs. 4,000 at all petrol pumps in India.
- Insurance Benefits: The Axis Bank Platinum Credit Card offers insurance benefits, including air accident insurance and personal accident insurance, covering the cardholder and their spouse.
- Zero Liability: Cardholders are not liable for fraudulent transactions made on their card if reported within a specific time frame.
- Good for salaried individuals: The card is an excellent choice for salaried individuals as it offers a host of benefits, including discounts on dining and fuel, which can help them save money on their everyday expenses.
1. Joining Fee: Rs. 500.
2. Annual Fee: The annual fee for the first year is Rs. 200, and it is waived off for subsequent years if the cardholder spends Rs. 1,00,000 or more in the previous year.
3. Late Payment: Up to Rs. 600
- The card offers only four complimentary airport lounge visits, which might not be enough for frequent travelers.
- The reward point redemption process can be a bit complicated, as the cardholder needs to log in to the eDGE Rewards website to redeem their points.
|Quick Tip: Try not to use more than 30% of your credit limit.
Standard Chartered Manhattan Platinum credit card
The Standard Chartered Manhattan Platinum Credit Card is a premium credit card tailored for individuals who seek convenience and financial flexibility. Here is a review of the card.
Features and Benefits:
- Reward Points: The card rewards customers with 3 reward points for every Rs. 150 spent at supermarkets, department stores, and other retail outlets.
- Cashback: Cashback of up to Rs. 500 a month when you spend at least Rs. 1,000 at groceries, supermarkets, and department stores.
- Good for Salaried Individuals: This credit card is designed keeping in mind the needs of salaried individuals as you need to have a steady income for obtaining this card.
- Annual Fee Waiver: The card offers an annual fee waiver from 2nd year onwards.
- Joining Fee: Rs. 999.
- Annual Fee: The annual fee for the card is Rs. 999 waived if annual spending is more than Rs. 1,20,000.
- The rewards program offered by the card is limited to products and services offered by the bank. Cardholders cannot redeem their reward points for cashback or gift vouchers.
- Limited cashback offers.
|Quick Tip: Try to look at your credit card statements often.
In India, choosing the right credit card can have a big effect on the financial health of a salaried person.
It’s important to note that the final decision on which credit card to choose should be based on individual needs and preferences.
You should think about things like reward points, interest rates, annual fees, and extra perks.
No matter which credit card is chosen, it is important to use it wisely and pay on time to avoid getting into debt and hurting one’s credit score.
As the famous quote goes, “With great power comes great responsibility.” The power of a credit card comes with the responsibility of using it wisely.
In conclusion, we recommend that salaried individuals in India take the time to research and compare credit cards before making a decision, and always prioritize responsible credit card usage to ensure a positive impact on their financial health.
Can a salaried person apply for a credit card?
Yes, a salaried person can apply for a credit card in India. Credit card issuers require applicants to meet certain eligibility criteria, such as a minimum age, income, and credit score, to qualify for a credit card.
What is the credit limit for a 50000 salary?
The credit limit for a credit card is not solely based on the applicant’s salary. Other factors that may affect the credit limit include the applicant’s credit score, credit history, and other debts.
What is the salary limit for the HDFC credit card?
HDFC Bank offers a range of credit cards with varying eligibility criteria and features. The salary limit for HDFC credit cards may differ depending on the type of credit card. Typically, HDFC Bank requires a minimum monthly income of INR 25,000 to INR 50,000 to be eligible for its credit cards.
What is the salary limit for the SBI credit card?
Similar to HDFC Bank, SBI offers different types of credit cards with varying eligibility criteria. Typically, SBI requires a minimum monthly income of INR 20,000 to INR 30,000 to be eligible for its credit cards.
Which credit card is best for low-salaried employees?
There are many credit cards available in India that cater to the needs of low-salaried employees. Some of the best credit cards for low-salaried employees include the SBI SimplyCLICK Credit Card and the Axis Bank Platinum Credit Card.
These credit cards offer various features, such as rewards, cashback, and discounts on various transactions, that can help low-salaried employees manage their finances effectively.
It is recommended to compare the features and benefits of different credit cards before applying for one to choose the one that best suits the individual’s needs and budget.