CATEGORY - FEATURES & UPDATES
Features & updates - 26 Feb, 2024
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Table of Contents
- 1 - Credit Cards on the Rise in India
- 2 - Looking for the best credit card in India?
- 3 - HDFC Bank Credit Cards
- 4 - SBI Bank Credit Cards
- 5 - AU Bank Credit Cards
- 6 - IDFC FIRST Bank Credit Cards
- 7 - What makes them special
- 8 - Bank of Baroda Credit Cards
- 9 - ICICI Bank Credit Cards
- 10 - Citibank Credit Cards
- 11 - RBL Bank Credit Card
- 12 - Kotak Mahindra Bank Credit Card
- 13 - American Express (Amex) Credit Card
- 14 - IndusInd Bank Credit Card
- 15 - HSBC Credit Cards
- 16 - Yes Bank Credit Cards
- 17 - Axis Bank Credit Cards
- 18 - Standard Chartered Credit Cards
- 19 - IDBI Bank Credit Cards
- 20 - Union Bank Credit Cards
- 21 - Canara Bank Credit Cards
- 22 - Punjab National Bank (PNB) Credit Cards
- 23 - Federal Bank Credit Cards
- 24 - Conclusion
Credit Cards on the Rise in India
India is seeing a boom in credit card usage! The number of cards in use is growing rapidly, increasing by about a third each year. This trend is expected to continue.
Despite the recent surge, there’s still plenty of space for growth. Currently, only around 5 out of every 100 people in India have a credit card. As the economy improves and more people have money to spend, this number is likely to climb.
Credit cards are still a popular way to pay in India, even with new options like mobile wallets and instalments. In fact, the average person spent Rs. 14,500 on their credit card between February 2021 and March 2022, and more and more people are getting them! As of February 2024, there are over 100 million credit cards in India, which is a big jump from the 99.5 million in February 2023. HDFC Bank is the leader in issuing credit cards, with over 20 million, followed by SBI Card, ICICI Bank, and Axis Bank.
Looking for the best credit card in India?
Choosing a credit card can be confusing because there are so many options available. But don’t worry, we can help! Here is a list of the top credit card issuers in India:
HDFC Bank Credit Cards
HDFC Bank is one of India’s leading credit card providers, offering a variety of cards to suit different needs. Here’s a quick overview:
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Large Issuer: With over 1.76 crore active cards (as of June 2022), HDFC Bank is a major player in the Indian credit card market.
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New Offerings: Despite a temporary pause in 2020, HDFC Bank has come back strong. They’ve launched new cards with partners like Paytm and Emirates and even upgraded their popular Infinia card.
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Popular Choices: Some of HDFC Bank’s well-known credit cards include:
- Infinia Credit Card
- Diners Club Black Credit Card
- Regalia Credit Card
- Millennia Credit Card
SBI Bank Credit Cards
SBI Card is a major credit card provider in India. They offer many different credit cards to suit your needs, like for travel, shopping, or everyday purchases. Here are some of their popular options:
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SBI Elite Credit Card
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Air India SBI Signature Credit Card
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SBI SimplyCLICK Credit Card
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IRCTC SBI Premier Credit Card
Remember, it’s important to compare credit cards before applying to find one that fits your spending habits and offers the rewards you’re looking for.
AU Bank Credit Cards
AU Bank offers a variety of credit cards to suit your needs. Whether you’re a frequent flyer or a budget-conscious shopper, there’s a card with benefits you can enjoy.
Here’s a quick glimpse:
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Rewards: Earn points or cashback on everyday purchases.
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Travel benefits: Enjoy airport lounge access and travel insurance on select cards.
- See AlsoU.S. Credit Card Market Share - Facts & Statistics [2024 Data Study]List of Credit Card Companies: Top Cards and Issuers 2024 | The Motley FoolCredit Card Issuers Who Provide The Best Customer Service | BankrateCredit Card Customer Satisfaction Statistics (2024)
Secure transactions: AU Bank prioritises secure transactions with features like tokenization and fraud prevention.
IDFC FIRST Bank Credit Cards
IDFC FIRST Bank is a new player in the credit card market, offering cards since 2021. They currently have four credit cards:
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FIRST Millennia
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FIRST Classic
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FIRST Select
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FIRST Wealth
What makes them special?
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No annual fees: Unlike many other cards, you won’t have to pay an annual fee to have the card.
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Rewards: You can still earn rewards points on your purchases.
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Open to everyone: You don’t need to have an IDFC FIRST Bank account to apply for a card (as of August 2021).
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They have over 9.6 lakh active credit cards as of June 2022.
Bank of Baroda Credit Cards
Bank of Baroda is a major player with over 1.3 million active cards, and their popularity has grown quickly.
Here’s a quick breakdown:
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Big Bank: Bank of Baroda is one of India’s largest national banks.
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Card Options: They offer various credit cards like Eterna, Select, and Premier.
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Rewards: Many cards offer cashbacks or discounts, especially for online shopping.
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Growth: Their cardholder base has doubled in just a year, possibly due to co-branded cards with HPCL and IRCTC.
ICICI Bank Credit Cards
ICICI Bank is a leading Indian bank offering various credit cards to suit different needs. Here’s a quick overview:
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Large Issuer: With over 1.35 crore active credit cards, ICICI Bank is a major player in the Indian market.
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Diverse Options: They offer cards for various categories like travel, shopping, entertainment, and more.
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Rewards Program: ICICI Bank partners with PAYBACK, a popular loyalty program allowing you to earn points on your purchases.
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Popular Cards: Some of their well-known cards include:
- ICICI Bank Emerald Credit Card (high-end rewards)
- ICICI Bank Sapphiro Credit Card (everyday purchases)
- ICICI Amazon Pay Credit Card (benefits for Amazon shoppers)
- ICICI Bank HPCL Super Saver Credit Card (fuel savings)
Citibank Credit Cards
Citibank India, a part of the American company Citigroup, has said it will stop doing everyday banking in India and 12 other places. But, it still promises to help its customers still and plans to find someone else to sell its everyday banking to.
Right now, Citibank offers eight different credit cards to people in India. As of June 2022, there are more than 2.5 million active credit cards. The Citi Prestige Credit Card and Citi PremierMiles Credit Card are among the favourites for Indian customers who want a credit card from Citibank.
RBL Bank Credit Card
RBL Bank, a private bank based in Mumbai, offers various credit cards despite being smaller than some other banks. With over 3.9 million active cards (as of June 2022), they’ve become a player in the Indian market.
Here are some highlights:
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Foodie favourite: Their Edition card, partnered with Zomato, is known as a top pick for dining rewards.
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Global Explorer: For those who travel internationally, the World Safari Credit Card stands out with no extra fees on foreign currency transactions.
Kotak Mahindra Bank Credit Card
Kotak Mahindra Bank offers a variety of credit cards with different benefits and rewards. They are a popular choice in India with over 38 lakh active customers.
Here are some of their credit cards:
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Kotak 811 #DreamDifferent: This is a good option for new credit card users. It offers benefits like discounts on dining, movies, and fuel.
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Co-branded cards with PVR: These cards are known for being some of the best for movie benefits in India.
American Express (Amex) Credit Card
American Express (Amex) is a large company in the US known for its high-quality credit cards. In India, over 1.3 million people use Amex cards (as of June 2022). Amex partners with other banks like ICICI to offer their cards.
They have different cards for different needs. For example, the Amex Platinum Card is a top-of-the-line option with a yearly fee of Rs. 60,000. This card comes with many benefits and perks. They also have cards focused on travel, like the Amex Platinum Travel Credit Card.
Amex even has its website called Reward Multiplier. Here, you can earn points on your Amex card at a faster rate.
IndusInd Bank Credit Card
IndusInd Bank is a major bank in India offering credit cards. They started offering credit cards in 2011 and have many different options. IndusInd Bank offers various credit cards, including some high-end cards with unique features. They also partner with other businesses to offer credit cards with special benefits, like their recent card with EazyDiner for dining.
HSBC Credit Cards
HSBC, established in India in 1958, offers credit cards with exciting benefits.
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Choice: While they have a limited selection (3 cards), each card provides valuable features.
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Security: Enjoy zero liability protection on lost cards, giving you peace of mind.
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Rewards: Earn welcome gifts and points on every purchase, making your spending rewarding
Yes Bank Credit Cards
Yes Bank has faced challenges in the past, but it’s still a major player in Indian banking. As of June 2022, millions of people in India use Yes Bank credit cards.
Despite past issues, Yes Bank offers various credit cards with exciting benefits. Popular options include:
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Yes First Exclusive Credit Card: Earn rewards on travel and dining.
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Yes Prosperity Rewards Plus Credit Card: Get rewarded for everyday purchases.
Axis Bank Credit Cards
Looking for a credit card in India? Axis Bank, one of the country’s top private banks, offers a variety of choices.
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Premium Cards: If you enjoy exclusive benefits, consider the Axis Bank Burgundy Private Credit Card or the Axis Bank Magnus Credit Card.
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Travel: Frequent flyers can benefit from the Vistara Infinite card, while online shoppers might prefer the Flipkart Axis Bank Credit Card.
Standard Chartered Credit Cards
Standard Chartered Bank stands tall as a major foreign bank in India, boasting a wide network of branches and a large team. They offer various credit cards to suit different needs, from travel and shopping to everyday purchases and premium rewards.
Popular choices include the Standard Chartered DigiSmart Credit Card, rewarding you for online spending, and the Ultimate Credit Card, offering exclusive benefits for dining and golf enthusiasts.
IDBI Bank Credit Cards
Looking for a secure credit card from a trusted bank? IDBI Bank, backed by Life Insurance Corporation of India, offers 5 credit cards to suit different lifestyles.
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Travellers: Enjoy benefits like airport lounge access and travel insurance.
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Shopaholics: Earn reward points on every purchase.
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Everyday spenders: Get rewarded for your regular shopping.
With over 41,000 active cards (as of June 2022), IDBI Bank might be a good fit for your credit card needs. Explore their options to find the right card for you.
Union Bank Credit Cards
Union Bank of India (UBI) is a leading government bank offering various credit cards. With over 5.5 million active cards, UBI caters to diverse needs.
Their credit cards come with benefits like cashback on everyday purchases and reward points for travel enthusiasts. So, whether you’re a frequent shopper or a globetrotter, UBI has a card that fits your lifestyle.
Canara Bank Credit Cards
Canara Bank, founded in 1906, is a major Indian public sector bank. They started offering credit cards in 2002. Today, they have a variety of cards to suit various customer preferences.
Do you crave travel rewards? Or prefer cashback on everyday purchases? Canara Bank likely has a card for you. With over 9.2 million active cards nationwide (as of June 2022), they’re a popular choice for many Indians.
Punjab National Bank (PNB) Credit Cards
Punjab National Bank (PNB) is a large public sector bank that offers credit cards. They are one of the biggest banks in India after merging with other banks. PNB credit cards come in two types: RuPay and Visa. This means you have many choices to find a card that suits your needs.
Federal Bank Credit Cards
Federal Bank is a good choice for people looking for a private bank in India. They offer various credit cards with different benefits to suit your needs. With over 10 million customers and 1250 branches, they are a popular option.
Conclusion
India’s credit card market is booming! It’s grown quickly in recent years and is expected to keep growing even faster in the future. There are still fewer cards per person in India compared to other countries, but that’s changing as more people can afford to use them. As India’s economy strengthens, even more people are expected to use credit cards. Major banks like HDFC, ICICI, Bank of Baroda, AXIS Bank and SBI offer different types of credit cards to suit various needs.
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