These cards offer the best-in-class benefits across shopping, travel, cashback, etc., for consumers from different income levels and credit profiles. Please note that this list does not include super-premium credit cards that are usually “invite-only” cards and are offered to individuals with high income or net worth. If you want to see the best super-premium cards in India, click here.

Types of Credit Cards

• Instant Credit Cards are approved instantly within a few minutes with none to minimal document requirements. Credit Cards with instant disbursals are usually offered by banks and NBFCs to their select customers on the basis of their credit profiles.
• Short-term Credit Cards have short repayment periods ranging from a few days to 12 months.
• Pre-approved Credit Cards are usually offered by banks and NBFCs to their existing customers on the basis of their credit history, income, employer’s profile, etc.
• Consumer Durable Loans can be used to purchase any consumer durable items like smartphones, furniture, microwave, etc. The purchase amount gets divided into EMIs and can be repaid within the tenure decide. Some products may require a down payment or a processing fee while others may not.
• Credit Card Balance Transfer facility allows borrowers to transfer their outstanding Credit Card to a new lender for lower interest rates or better loan terms. However, transfer your outstanding Credit Card only when the savings made through the transfer outweighs the cost of the loan transfer.
• Credit Card Top Up is offered to existing Credit Card borrowers who need additional funds to meet their financial requirements. However, this loan facility is only offered to select existing Credit Card borrowers having satisfactory loan repayment history and/or have completed a specified number of EMIs.
• Credit Card for Education: Individuals requiring funds for pursuing higher education in India and abroad, vocational courses, etc., and are unable to get a conventional education loan can avail of a Credit Card for higher education.
• Debt Consolidation Loan: Individuals struggling with multiple debt obligations can consolidate them into a single loan taken at a reduced interest rate and/or for longer tenures. The main purpose to apply for Debt Consolidation Loan is to reduce the interest cost and EMI burden.

Credit Card Eligibility Criteria

• Age: 18 – 60 years
• Salary: At least Rs. 15,000 per month for salaried customers
• Income: At least Rs. 5 lakh p.a. for self-employed customers
• Credit Score: Preferably 750 and above as having higher credit scores improve chances of loan approval
• Employment Stability: At least 2 years with a minimum 1 year of work experience in the same job for salaried
• Business Continuity: At least 2 years of business continuity for self-employed professionals
• Credit Card for Education: Individuals requiring funds for pursuing higher education in India and abroad, vocational courses, etc., and are unable to get a conventional education loan can avail of a Credit Card for higher education.
• Debt Consolidation Loan: Individuals struggling with multiple debt obligations can consolidate them into a single loan taken at a reduced interest rate and/or for longer tenures. The main purpose to apply for Debt Consolidation Loan is to reduce the interest cost and EMI burden.

Documentation for Credit Card

• Identity Proof: Passport/PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
• Address Proof: Passport/ Aadhaar Card/ Lease/ Property Purchase Agreement/ Utility Bills (not more than 3 months old)/ Passport/ Driving License
• Income Proof For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16
• Income Proof For Self-employed Professionals: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement
• Business Proof For Self-employed Individuals: Business Incorporation Certificate/ Professional Degree/ Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License

How to Improve your Chances of Getting a Credit Card?

A few ways of improving your chances of Credit Card approval are:

• Maintain your CIBIL score above 750
• Check for inaccuracies in your credit report, as they might adversely impact your credit score and thereby, reduce the chances of loan approval
• Compare the Credit Card offers available from banks and NBFCs before finalizing any loan deal
• Apply for the loan from a bank/NBFC where you have the highest chances of approval
• Avoid making multiple loan applications within a short span of time