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Best Credit Cards in 2018
All credit card users always wonder, what would be best credit cards for them to maximize savings?
As a credit card enthusiast, I can say that for most benefits, one should use only couple of cards. Nowadays many people are using around 4-8 credit cards thanks to high octane sales. Most of the card issuers encourage higher spending on their credit cards by offering some kind of rewards. It increases rewards asymmetrically as you spend more through these cards. This includes annual fee waivers etc.
Following are the best credit cards in 2018 for people with different requirements:
Super Premium Cards for Ultimate Luxury
HDFC Diners Club Black Credit Card:
Great for Shopping and Travel
Fee
- 1st year: ₹10,000; 2nd year onwards: ₹5,000
- Waived if spent ₹5+ lakhs in a year
Rewards
- 5 points / ₹150 spent on retail
- 2X points on air ticket or hotel bookings
- 10X points at select retail partners
Joining Gift | ▪ 10,000 reward points on joining. Extra 5,000 reward points on each renewal. |
Lounges | ▪ Unlimited access to 700+ domestic and international airport lounges across the world |
Insurance Cover | ▪ Air Accident coverage worth ₹2 Crore.
▪ Emergency Medical Expenses coverage worth up to ₹50 Lakhs. |
Clubs / Games | ▪ Complimentary golf games. |
Other Charges | ▪ Mark-up on foreign currency spends: 2%
▪ Interest rate: 24% per annum |
Note: HDCF Infinia Credit Card has slightly lower benefits but is more widely accepted since it is powered by Visa.
Citi Prestige Credit Card :
Great for Travel
Fee
• ₹20,000 per annum
Rewards
• 1 points / ₹100 spent in India
• 2X points for spends outside India
Joining Gift | ▪ 10,000 bonus air miles and vouchers worth ₹10,000 from Taj Group or ITC Hotels |
Lounges | ▪ Unlimited complimentary Priority Pass lounge access at over 800 airports |
Insurance Cover | ▪ Air Accident coverage worth ₹5 Crore. |
Clubs / Discounts | ▪ Enjoy elevated status on the loyalty programs of our global partner – Taj Group
▪ One night of complimentary stay of booking is for at least 4 nights ▪ 20% savings on premium luxury hotels in India ▪ 15% savings on business-class and international first tickets with partner airlines ▪ Complimentary golf games |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 39% per annum |
American Express Platinum Travel Credit Card:
Great for Elite Luxury and Travel
Fee
• ₹50,000 per annum
Rewards
• 1 point for every ₹40 spent except for Fuel, Insurance and Utilities
• 20X for ₹100 spent at Amex partners
Joining Gift | ▪ Many gift vouchers |
Lounges | ▪ Complimentary unlimited access to 30 airport lounges across India
▪ Priority Pass based unlimited complimentary international airport lounge access |
Clubs / Discounts | ▪ Elite and preferred status with partner hotels and airlines. Partner hotels provide surprise discounts, suite upgradation, late checkouts etc.
▪ Elite tier membership to some of the finest hotels in the world ▪ Complimentary membership to Club ITC Culinaire and Taj Epicure Plan ▪ Complimentary rounds of golf ▪ Points never expire |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 60% per annum |
SBI Elite Credit Card:
Great for Shopping and Travel. Best card for premium customers with ₹3 – 10 lakhs annual expense
Fee
• ₹4,999, waived if spent ₹10+ lakhs in a year
Rewards
• 2 points / ₹100 spent on retail
• 5X points on dining, movies, department stores and groceries
Joining Gift | ▪ E-gift vouchers worth ₹5,000 from Shoppers Stop, Yatra, Marks & Spencer’s, Bata/Hush Puppies, and Pantaloons |
Lounges | ▪ 8 complimentary visits to domestic airport lounges and 6 complimentary visits to international airport lounges (max 2 visits per quarter) |
Insurance Cover | ▪ Air Accident coverage worth ₹1 Crore |
Clubs / Discounts | ▪ Complimentary membership of Club Vistara Silver and Trident Privilege Red Tier
▪ 2 complimentary movie tickets worth ₹500 every month from BookMyShow ▪ 10,000 bonus points on annual spends of ₹3 lakhs to ₹4 lakhs and 15,000 bonus reward points on annual spends of ₹5 lakhs to ₹8 lakhs ▪ 1% fuel surcharge waiver across all petrol pumps |
Other Charges | ▪ Mark-up on foreign currency spends: 1.99%
▪ Interest rate: 40.2% per annum |
Note: Despite being a premium card, it is easily available to first time applicants both salaried and self-employed users
American Express Platinum Travel Credit Card :
Great for Travel and Vacation
Fee
• 1st year: ₹3,500
• 2nd year: ₹5,000
Rewards
• 1 points / ₹50 spent
Joining Gift | ▪ 5,000 points redeemable for travel vouchers worth ₹4,000 |
Lounges | ▪ 4 complimentary visits per year to 30 airport lounges in Delhi, Mumbai, Bengaluru and 9 other cities |
Clubs / Discounts | ▪ Travel vouchers worth up to ₹7,700 for ₹1.9 lakhs spend in a year
▪ Taj Group vouchers worth ₹10,000 and extra travel vouchers worth up to ₹11,800 for spend ₹4 lakhs in a year ▪ Up to 20% discount on select restaurants |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: Up to 60.0% per annum |
Best Cards for Value Seekers and First Timers
Standard Chartered Platinum Reward Card:
Great all-round card for Newly Salaried
Fee
• 1st Year: ₹399, 2nd year onwards: ₹750
• Easy to get the fee waived
Rewards
• 1 point / ₹150 spent
• 5X points on dining and fuel
Joining Gift | ▪ Reward points depending on the offer |
Discounts | ▪ 20% cashback on Uber rides |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 41.88% per annum ▪ 1% fuel surcharge across all petrol pumps ▪ 2.5% of transaction on Indian Railways |
ICICI Instant Platinum Card:
Great all-round card for Self-employed (easily available against fixed deposit)
Fee
• Nil
Rewards
• 1 payback point / ₹100 spent
Joining Gift | ▪ Reward points depending on the offer |
Discounts | ▪ Discount of ₹100 on movie tickets twice a month
▪ Save upto 15% on 800+ premium restaurants in India ▪ Upto 2.5% fuel surcharge waiver at HPCL pumps for transactions up to ₹4,000 |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 29.88% per annum |
SBI Simply Click Credit Card:
Best for Online Shopping
Fee
• ₹499 annual fees
Rewards
• 1 payback point / ₹100 spent
• 10x for online shopping at partner sites
• 5x for other online shopping
Joining Gift | ▪ ₹500 worth vouchers from Amazon |
Discounts | ▪ Vouchers worth ₹2,000 each on annual online spend of ₹1 lakh and ₹2 lakhs
▪ 2.5% waiver for fuel surcharge on transaction between ₹500 to ₹3,000 ▪ Fee reversal for more than ₹1 lakh spent on card |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 40.2% per annum |
Standard Chartered Super Value Titanium Credit Card:
Best for Maximizing Savings on Utility Bills
Fee
• ₹499 joining fee
• ₹750 annual fees from 2nd year
Rewards
• 5% cashback on utility
• 1 point / ₹150 spent
Joining Gift | ▪ 1,000 reward points on first swipe |
Discounts | ▪ 5% cash back on fuel, all telecom payments and utility bill payments subject to a cap of ₹500 per month
▪ Annual fee waiver for annual expense more than ₹60,000 |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 37.2% per annum ▪ 2.5% surcharge on railways transactions |
Citibank Cashback Credit Card:
Great for Savings on Utility Bills
Fee
• ₹500 annual fee
Rewards
• 5% Cash backs
Joining Gift | ▪ Nil |
Discounts | ▪ 5% cashback on movie ticket, telephone bill and utility bill payments subject to cap of ₹100 per month for each category
▪ 0.5% cash back on other spends ▪ Up to 15% savings across participating restaurants |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 42.0% per annum |
HDFC AllMiles Credit Card:
Savings on Utility Bills
Fee
• ₹1,000 per annum
Rewards
• 3 points per ₹150 spent
Joining Gift | ▪ 1,000 reward points
▪ Another 1,000 upon renewal |
Discounts | ▪ Double reward points on spends on AllMiles website
▪ 1% Fuel surcharge waiver capped at ₹500 every billing cycle ▪ 1st year fee waived for spend of ₹15,000 within first 90 days from card set up ▪ Annual fee waived for spend more than ₹1 lakh per year |
Other Charges | ▪ Mark-up on foreign currency spends: 3.5%
▪ Interest rate: 42.0% per annum |
Use your card with care
Credit cards are “handle with care” plastics! It can impact you adversely if not used properly.
- Impact on CIBIL score: If your credit limit utilization is high, your CIBIL score (which affects your ability to take personal loan) will be adversely affected. So, as a thumb rule, it is advisable to keep outstanding balance at 50% of the credit limit all the time.
- Multiple penalties on delayed payment: I am sure everyone knows this. Hence, it is good to link your card to an account with automatic deductions, preferably salary account, so there is no tension of default even after having enough money.
- Interest rate: Do NOT roll over credit card debt by paying minimum balance. The fees and other charges could be more than 50% per annum! If you do not have money immediately, get personal loans from from banks, NBFCs or peer to peer lending platform such as i2ifunding.com to pay off your credit card debt.
Hope this information have been of help. If you have any queries, feel free to message me in the comment section. Will try to respond at the earliest.
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