Credit cards are one of the best ways to save money and increase your credit score. Since the introduction of plastic money, credit cards have been at the top of public demand. If you own a credit card, then you can purchase items and pay the amount later, when the bill is generated. Credit cards also offer attractive EMI offers.

But there are different types of credit cards issued by various public and private sector banks in India. And which one is the best credit card in India? Which are the credit cards with best offers? Don’t worry; we will answer all of your questions. 

Let’s continue ahead and know which will be the best credit card in India as of 2024.

Why Are Credit Cards So Popular in India?

Data from the RBI shows that credit cards are rising in popularity across the Indian finance market. Last year, the number of credit card users in India stood at 8.6 crore, which was a sharp increase of 15% from 7.5 crore in 2022. It is very much possible to expect that the number of credit card users in India will touch 10 crore in 2024.

In India, data suggests that people prefer to buy products through EMIs. Some of the most popular credit cards also offer “No Cost EMIs,” which also attract a lot of people as they can buy products with zero down payment and zero interest rates. 

As people become financially smarter and more responsible, the adoption rates of credit cards have shot up since 2022. As the BNPL (buy now, pay later) is gaining popularity, credit cards are also going with the positive flow. A lot of banks have tied up with large e-commerce platforms to boost the issue of credit cards.

One of the most popular e-commerce platforms in India, Flipkart, has been rolling out its Flipkart Axis credit card since 2019. This shows how the credit card ecosystem has developed strongly in an emerging fintech market like India.

Which Are the Best Credit Cards in India in 2024?

To make choices simple for you, we have divided the categories for best credit cards in India in 2024 into best cashback credit cards, best travel credit cards and best premium credit cards.

Best Cashback Credit Cards: 2024

SBI Cashback Credit Card

Joining Fee: Nil

Annual Fee: ₹999

It is a new credit card issued by SBI but has gained a lot of popularity due to a special cashback rate of 5% on all online merchant transactions. This feature makes SBI Cashback Credit Card a very good choice for people who love to shop online on e-commerce platforms.

Amazon Pay ICICI Credit Card

Joining Fee: Nil

Annual Fee: Nil

It is one of the most popular credit cards in India. This card can provide you 5% cashback on all transactions done on Amazon if you’re an Amazon prime member and 3% if you’re a non-prime member.

Honorable mentions for the best cashback credit cards for 2024 in India will be Kotak Myntra credit card, Axis Bank Ace credit card and HDFC Bank Millenia Credit Card.

Note: You get complimentary airport lounge access on HDFC Bank Millenia and Axis Bank Ace Credit Cards. 

Best Travel Credit Cards in India: 2024

Air India Signature SBI Credit Card

Joining Fee: ₹4,999

Annual Fee: ₹4,999

It is the best travel credit card in India. If you are a frequent flyer with Air India or any of its subsidiary airlines, this card can be a lifesaver for you. With this card, you get benefits like 1:1 reward to miles conversion, 8 domestic lounges per year, and most importantly, access to Air India’s frequent flyer program. 

Club Vistara IDFC First Credit Card

Joining Fee: ₹4999

Annual Fee: ₹4999

Vistara is considered India’s best airline, and if you love to fly with them, then Club Vistara IDFC First Credit Card is the right choice for you. This card provides a lavish reward of upto to six complimentary premium economy tickets as a welcome benefit. This card also provides you with 8 domestic and 4 international complimentary lounge visits per year.

Best Premium Credit Cards in India: 2024

Axis Bank Magnus Credit Card

Joining Fee: ₹12,500

Annual Fee: ₹12,500

It is a top tier premium credit card that allows you to take advantage of lucrative offers like unlimited lounge visits at both domestic and international lounges. Axis Bank Magnus Credit Card has a welcome benefit of ₹12,500. If you take this credit card, then its technically free for the first year and chargeable from the second year. 

HDFC Diners Club Black Credit Card

Joining Fee: ₹10,000

Annual Fee: ₹10,000

This card is for lovers of luxury services. It provides you a wide range of complimentary benefits, such as access to Amazon Prime, Club Marriott, MMT, etc. HDFC Diners Club Black Credit Card also provides you with unlimited domestic and international lounge access.

To Summarise 

Credit cards are increasing in popularity and will continue to rise in 2024 as well. The total number of credit card users is expected to reach a whopping 10 crore by the end of 2024. This shows that people in India love financial instruments that provide loans at low interest rates with EMI facilities. 

If you want a good credit card, then don’t forget to lookout for the popular options mentioned in this blog. 

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