In today's economy, spending sparingly is the only way of protecting ourselves from financial woes, and the right credit card makes things even simpler. From discounts and offers on various products to cashback rewards, credit cards can be an invaluable asset in helping you get the most out of your money. Selecting the proper credit card is essential in keeping your funds secure and managing inflation efficiently.

Reserve Bank of India reveals that the credit card industry in India has had an incredible annual growth rate of 20% for the last five years. In May 2022, the credit card industry achieved its highest-ever overall spending of Rs. 1.13 lakh crore. This remarkable surge is indicative of just how vital these financial tools are in everyday life across India.

The credit card industry is set to continue its rapid growth thanks to the emergence of attractive rewards programs, loyalty schemes, and technology. In addition, emerging fintech players are bringing an array of new offerings into India's already booming market for credit cards. These factors will help drive further expansion in this sector. With such an increase in demand, there are some credit cards you should have.

Below are the best five credit cards in India:

1. HDFC Bank Regalia Credit Card

This is a good choice for those who like spending and want to be rewarded. It provides exclusive rewards, discounts, and special services like 12 complimentary lounge access. The card also offers great travel benefits, such as concierge services to all cardholders, thus helping users customize their experience. 

Apart from that, the card also offers excellent medical insurance coverage and discounts on dining and shopping. As for the credit limit, the bank assesses your credit score and past transactions to determine the card limit. The renewal cost is Rs. 2,500 but can be waived if, in the previous year, you spent Rs. 3 lakhs. 

Another feature worth mentioning is its attractive reward points. For Rs 150 spent, you get 4 reward points. The HDFC Bank Regalia Credit Card also comes with a milestone bonus of 5,000 reward points when you spend Rs 8 lakhs in a single year. The total number of reward points you can earn in a year after spending Rs. 5 lakhs are capped at 10,000. Besides, there are various ways to redeem reward points, which is great.

 

2. Citibank Cashback Credit Card

Like its name, the Citibank cashback credit card provides cashback on almost all transactions made. The card has a renewal fee of Rs. 500 but no joining fee. When you sign up, you get additional savings worth Rs. 3,300. You can earn up to 5% cashback when you book tickets to watch a movie and when you pay for your telephone and other utility bills. Additionally, you get a 15% discount when dining at partner restaurants. Customers are also entitled to get 0.5% cash back on other transactions. Furthermore, you also enjoy a 1% discount on fuel surcharges when you refuel at Indian Oil outlets, making it a really attractive offer. The good thing is that cashback is automatically credited.


3. American Express Membership Rewards Credit Card

One thing that makes this credit card sought after is its exclusive membership rewards. The card has an annual fee of Rs. 1,000. The renewal fee is Rs. 4,500, which can be waived when you spend over Rs. 1.5 lakhs. You also get a bonus of 4,000 membership reward points when you join as a member. Besides, when you make 4 transactions of more than Rs. 1,000, you get 1,00 membership reward points.

 

In addition, for every Rs. 50 spent, you'll be rewarded one point, except for any fuel, cash advance, utilities, and insurance payments. You also get 20% discounts when you dine at partner restaurants. When you renew the card in the second year, you get 5,000 points as a reward. All these features make American Express membership rewards credit cards a must-have.

 

4. HSBC Visa Platinum Card

 Are you tired of paying annual and renewal fees on your credit card? If so, the HSBC Visa Platinum Card is the card to go for. With zero fees for joining, renewal, and annual membership, you can enjoy all the features of a premium credit card without paying anything to become a member. 

With this card, you get 2 reward points per Rs. 150 spent from the card. Also, you get a 15% discount when you dine at any partner restaurant, which will certainly help save you money. Additionally, you can convert the air miles to book flight tickets and earn even more rewards when spending more. Get rid of those unnecessary fees today by choosing the optimal deal with the HSBC Visa Platinum Card.

5. Standard Chartered Super Value Titanium Credit Card

 This is a one-of-a-kind card that focuses on fuel spending. The annual fee and renewal fee are Rs. 750 each. When you pay utility bills, spend on fuel, or recharge your phone, you get a 5% cashback. Plus, for every Rs. 150 spent on anything, you earn 1 reward point. That's not all. You also enjoy exclusive deals through its life program, making it one of the best cards to have.

Conclusion

Having a credit card is an effective way to improve and retain your credit score. When used with caution, it can be the perfect financial tool while providing convenience of making payments online. If you want a credit card, this is the list to choose from.