The benefits of owning a credit card are countless. From the convenience of making cashless payments to rewards, cashback, and discounts on making purchases — the advantages truly make it worthy of having a credit card to your name. As Indians begin to understand and appreciate these digital payment tools, the number of credit card users is rising every day.
In 2019, the number of credit card users in India was somewhere around 52 million. That number reached 57.3 million in 2020. In 2021, the already rising number of credit cardholders took a massive jump thanks to the need to go digital during the pandemic. Thus far, 2021 has seen the number of credit card users in India go up to a whopping 64 million!
But one of the biggest complaints among people who have been taking an interest in credit cards is their annual fee. The yearly fee of most standard credit cards in India starts from around Rs. 500. High-end credit cards can even charge a yearly fee of Rs. 2000 or more. The standard protocol for most cards is that the annual fee is waived only if you have a certain amount of annual spendings on the credit card. For instance, a top-notch credit card like the simply click SBI Card only allows a waiver on spending Rs. 1 lakh or more annually. For many people, that might be too high of an amount to spend in a year. Hence, for those looking for credit cards that come with no annual fees, here are the top 5 cards in the country.
- Bajaj Finserv RBL Bank Platinum Plus First-Year-Free SuperCard
If you’re looking for a versatile credit card that not only acts as a credit card but also as a debit card and an EMI card, the Bajaj Finserv RBL Bank SuperCard is your best bet. You can use the card to make interest-free withdrawals from ATMs for up to 50 days. In times of financial emergency, you can also use the card to avail a low-interest advance on your cash limit. Other than this, its benefits and reward points can help you save up to Rs. 55,000 annually. Additionally, you also get 10,000 reward points as a bonus on annual spending amounting to Rs. 1,50,000 or more.
- HSBC Visa Platinum Credit Card
With zero annual fees, the HSBC Visa Platinum Credit Card is one of the best credit cards in India. The card has several benefits to offer. You can earn 2 reward points for every Rs. 150 spent using the card. If you make a purchase exceeding Rs. 10,000 within the first 90 days of the card’s activation, you also have the chance to win 10% cashback. Additionally, the card also offers a fuel surcharge waiver of 1% on fuel transactions between Rs. 400 and Rs. 4,000.
- ICICI Bank Platinum Chip Credit Card
The ICICI Bank Platinum Chip Credit Card is a lifetime free credit card. It allows the cardholders to earn 2 PAYBACK Points for every Rs. 150 spent on everything except fuel. As for fuel surcharge waivers, the card gives a 1% waiver at all HPCL petrol pumps across India. The accumulated reward points can be redeemed for a variety of vouchers and products. Lastly, this ICICI credit card is also a contactless card with added safety and security measures.
- Axis Insta Easy Credit Card
One of the best credit cards with no annual fees is the Axis Insta Easy Credit Card. The card is an excellent choice for people who travel abroad quite often. The card allows you to earn 6 reward points for every Rs. 200 spent domestically. Meanwhile, for every Rs. 200 spent abroad, the rewards are doubled. The card also gives you 100 bonus points for the first transaction you make online. To be eligible for the card, you have to create a fixed deposit. The credit limit can be up to 80% of the FD’s amount.
- Amazon Pay ICICI Bank Credit Card
A dream credit card for shopping enthusiasts, the Amazon Pay ICICI Bank Credit Card also has a zero annual fee feature. The card offers a 5% cash back for Amazon Prime members shopping on Amazon. For non-Prime users shopping on Amazon, the cashback offered is 3%. The card also offers a 1% cashback on all other transactions. Moreover, its cashback offers can help you save thousands of rupees on your purchases. You can also avail of a whopping 15% discount on select restaurants across India.
Opt for a card according to your requirements
Thus, you have a range of credit cards that you can opt for, which come with zero annual fees. While certain cards, such as the Bajaj Finserv RBL Bank Platinum Plus First-Year-Free SuperCard, have the annual fee waived for a year, cards like the Amazon Pay ICICI Bank Credit Card, which is an entry-level shopping credit card, do not have any annual fees. You can opt for any credit card that caters to your requirements.