Credit cards are rapidly gaining popularity among the younger generation who have diverse spending habits and preferences. They are inclined towards credit cards that charge low or no annual fees and offer attractive features. Young Indians often use credit cards for food, shopping, bill payments, groceries, entertainment and rent payments. However, selecting a suitable credit card can be a daunting task. We have compiled a list of the best credit cards tailored for today’s young professionals.
See also: 5 Best credit cards for people earning under Rs 20,000 per month
List of best credit cards for salaried professionals
Axis Bank Ace Credit Card
The Axis Bank Ace credit card, with an affordable annual fee of Rs 499, is an excellent option for those in search of a credit card with decent cashback benefits. This card provides exclusive cashback on utility bill payments, mobile recharge and DTH. Users can enjoy a 4% cashback on Swiggy, Zomato and Ola transactions and a 2% cashback on all other expenditures. It offers attractive discounts of up to 20% at select partner restaurants.
ICICI Amazon Pay Credit Card
The ICICI Amazon Pay credit card is an ideal choice for Amazon Prime members. This card offers lifetime validity without any joining or annual fees. Cardholders can enjoy a 2% cashback on purchases from Amazon partner merchants and a 15% discount at selected dining establishments in India. This card provides 1% cashback on all other transactions.
SBI Simply Save Credit Card
The SBI Simply Save credit card is an excellent choice for earning rewards on online shopping and payments. With an annual fee of Rs 499, this card offers enticing benefits from partner brands, such as Amazon.in, Cleartrip, BookMyShow and Foodpanda. Cardholders receive a welcome voucher of Rs 500 from Amazon. You enjoy 5X reward points on all online expenditures and earn 10X rewards on online transactions with exclusive partners, including Amazon, Apollo 24X7, Eazydiner, Cleartrip, BookMyShow, Lenskart and Netmeds.
HDFC MoneyBack Credit Card
The HDFC MoneyBack credit card is an excellent choice for shoppers, offering a combination of reward points and cashback. With an annual fee of Rs 500, this card allows you to use the earned cashback for shopping or convert it into direct statement credit. Receive a gift voucher worth Rs 500 on all retail purchases and enjoy a first-year fee reversal on spends worth Rs 10,000 within 90 days of card issuance. Enjoy a 50-day interest-free period from the date of purchase.
HSBC Cashback Credit Card
The HSBC Cashback credit card, with an annual fee of Rs 750, is one of the top choices for cashback enthusiasts. This card offers a generous 1.5% cashback on all online transactions and provides additional perks like savings on partner products and complimentary lounge access. Cardholders can benefit from Amazon vouchers of Rs 1,000 and Big Basket vouchers of Rs 250. There is a special offer of a 50% discount on the first transaction made using Google Pay.
FAQs
How much credit card limit can I get for Rs 50,000 salary?
Generally, your credit limit will be 2-3 times your current salary. If your current salary is Rs 50,000, you can expect your credit limit to range between Rs 1-1.5 lakh.
What is the minimum income required for a credit card in India?
The income requirement varies as per bank but it generally falls within the range of Rs 1,44,000-25,00,000 per annum for both self-employed and salaried individuals.
How many credit cards should a young professional have?
If your goal is to establish or maintain a good credit score, it is generally recommended to have two to three credit cards, in addition to other types of credit. This combination may help you diversify your credit profile.
How can young people get a credit card?
According to the Credit Card Act of 2009, individuals under the age of 21 either need a co-signer or an annual earning sufficient to pay off the entire credit limit to get a credit card.
Can I get a credit card without ITR?
Yes, you can obtain a credit card without providing an ITR. Card issuers may not always require ITR details.
Does the credit card limit depend on salary?
Yes, your credit limit is determined based on your income. Credit limits are typically set as a multiple of your monthly net income.
Can I use 100% credit card limit?
Technically, you can use 100% of your credit card limit. However, maintaining a credit utilisation ratio of over 35% can potentially harm your credit score.
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