Best Credit Cards To Expect In 2023 – Forbes Advisor INDIA

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The Indian credit card industry is in its infancy with some unique cards launched in recent years. From refunds to credit limits, there are all sorts of features available that have made credit cards irresistible to the everyday user.

To help you distinguish between a good card and a not-so-great card based on the services offered, we’ve looked at credit cards that offer stable reward points and rebates and a reliable standardized reward pattern. These cards are not only easy on the pocket, but they serve their purpose very well.

Axis Bank ACE Credit Card

In any household, a large part of the monthly income is required for utility bill payments.

Axis Bank’s ACE credit card is launched in partnership with Google Pay. It provides a 5% rebate on utility bill payments via Google Pay, which covers more or less all bills in a household.

Most of these cards have an upper limit or a lower limit for the amount of reimbursement. On many other credit cards there is always an upper limit and a lower limit for the money spent

The following is the list of bills that fall under the criteria for utility bills:

  • Water
  • Sewerage
  • Electric
  • Gas
  • Trash
  • Cable TV
  • Internet
  • mobile service

There’s also unlimited 4% cash back on Ola, Zomato, Swiggy and 2% cash back on any other payments you make with this card. The most remarkable thing about this card is that the annual fee is just INR 499.

BPCL SBI Credit Card

One of the most important expenses is the cost of fuel and there are cards dedicated to satisfying your fuel needs. These include cards like the BPCL SBI Credit Card from SBI which can be considered one of the best for a number of reasons.

The BPCL SBI Credit Card offers up to 4.25% reward points on the purchase of fuel. It is comparatively easy to use SBI reward points as they have standardized the value of their reward points.

At other banks, the value of your reward points varies based on usage. For example, if you buy from your partners, it will be higher and if you want to charge it, it will be much lower.

If there are ten partners then the value will be different for all the partners but this is not the case with BPCL SBI Credit Card as its value is stuck for all which is INR 0.25.

5X reward points when you spend every INR 100 on groceries, department stores, movies and restaurants, which means INR 2.5 worth of reward points for every INR 100 spent. It’s not a very expensive card; the annual fee is again INR 499.

Dhanlaxmi Bank Platinum Credit Card

Dhanlaxmi Bank, although not very popular, also has a wide range of credit cards. One of the best deals is the Dhanlaxmi Bank Platinum Credit Card. Most users may not have heard of this card, but sometimes you can get something exceptional in unexpected places.

This card is, firstly, a free credit card with no annual or membership fee and, secondly, it grants a 5% cashback on any purchase made at supermarkets and department stores. It may not have expansive welcome gifts or fancy offers, but it still provides a nice cash back with no fuss.

There are some add-ons like credit protection cover up to INR 100,000, purchase protection cover up to INR 100,000, air accident insurance up to INR 20 lakh. The only requirement is that the person has an annual income of Rs 3 lakhs to apply for this card.

American Express SmartEarn™ Credit Card

SmartEarn™ is the cheapest credit card that American Express has and this credit card can be considered a good card for everyday life from online to offline shopping. The most notable thing about this card is the annual fee, which is just INR 495, which is quite low compared to the type of services it offers.

Some of the key features of American Express SmartEarn™ include:

  1. SmartEarn™ awards 10X Membership Reward Points for every INR 50 spent on the following:
  1. Users get 5X rewards for every INR 50 spent.
  • Paytm wallet
  • swiggy
  • BookMyShow
  • RVP
  • Myntra
  • jabong
  • Grofers
  • grand bazaar
  • 1 Membership Reward Point for every INR 50 spent, excluding expenses on fuel, insurance, utilities, cash transactions and monthly dues.

The value of Amex Reward Points will vary based on usage from INR 1 to 0.25.

SBI SimplySAVE credit card (RuPay version)

SimplySAVE launched by SBI concentrates on online shopping and people looking for a card that rewards offline shopping should use the RuPay version of this card. The RuPay version has just been released but not heavily publicized so not many know about it.

This particular version gives you better discounts on multi-brand purchases and the usual SimplySAVE discount.

The original SimplySAVE card offers 10X reward points on spending INR 100 on the following:

  • Food
  • Films
  • Department stores
  • grocery expenses
  • On any other spend, 1 reward point per INR 100

The value of one SBI reward point is constant at INR 0.25.

This card facilitates all kinds of offline shopping and entertainment requirements of the users. When SBI talks about restaurants or shops, it means all the stores, not just the partners like the other businesses, but all the places where you can use a credit card.

RBL Bank ShopRite Credit Card

Although it is a new bank, RBL has launched RBL Bank’s ShopRite Credit Card, which can be considered as a multi-purpose credit card. There is 1 reward point for every INR 100 spent on all your purchases except fuel. Users get 20 reward points for spending INR 100 on grocery purchases. The exclusive thing is 10 reward points on the purchase of fuel.

It’s rare to find a card with reward points on fuel and groceries simultaneously. You can earn a maximum of 1,000 reward points in a month, which is enough for a credit card with an annual fee of INR 500.

HPCL BoB ENERGIE credit card

Bank of Baroda has launched a new card that offers cash back and reward points on the purchase of fuel. This card is specially designed for homes using HP cylinders. There are 24 reward points for every INR 150 spent on fuel. The value of each reward point is a static 0.25 INR.

This makes it a 4% rebate on gasoline, diesel and LPG from HPCL. There is a waiver of the 1% fuel surcharge as usual, and people who use the HP Pay app get an additional 1.5% back.

10 reward points for spending every INR 150 on:

  • Utility
  • Department store
  • Groceries
  • 2 reward points on anything other than the above

There is a complimentary domestic airport lounge tour every quarter. Apart from this, BOB also offers various discounts for users on purchases from its partner companies from time to time.

Bottom line

With such strong features available in credit cards in India, it would be great to understand that one credit card may not be enough for your household needs as credit cards are domain specific.

To make sure you’ve made the best decision for your needs, now is a good time to sit down and list your needs so you can choose the best credit card possible in 2023.