How to Choose the Best Credit Card in 2022

With our lifestyles improving, credit cards are quickly becoming the norm. However, with the abundance of options available, it might be confusing to boil it down to the right choices. To simplify the process, here are the top 10 credit cards to choose from among the most popular segments: Cashback, Travel, Rewards, Fuel, and Premium.

Best Credit Cards for Cashback

Some of the best features of owning a credit card include the variety of cashback offers that come along with it. Here are two of the best credit cards in this segment.

1. Axis Bank Ace Credit Card

For those who want a high cashback value at a reasonable annual charge, the Axis Bank Ace Credit card is a good option. This is a good entry-level card, offering 5% cashback on bills, DTH recharges, and food deliveries through Swiggy, Ola, and Zomato. Here is a list of features of the card.

Joining Fee – Rs. 499

Annual Fee – Rs. 499 (Waived off if the yearly spend is Rs. 2 lakh or more)

Benefits:

1. Cashback offers:
   1. 5% on DTH recharges, bill payments, and mobile recharges (those done via Google Pay)
   2. 4% on Swiggy, Ola, and Zomato
   3. 2% on all other spends
2. Complimentary Lounge Access: 4 domestic lounge visits in 1 year
3. Dining: 20% off at select restaurants

2. Flipkart Axis Bank Credit Card

Similar to the above, this is another good card for beginners. As the name suggests, this is more oriented towards those inclined towards online shopping. It offers good cashback offers on Flipkart and partner brands such as Myntra and several other preferred partners. One of the best features of this card is that the cashback is credited straight to the card account.

Joining Fee – Rs. 500

Annual Fee – Rs. 500

Benefits:

1. Cashback offers:
   1. 5% cashback on Flipkart and Myntra
   2. 4% cashback on preferred partners (Tata Sky, Uber, Swiggy, PVR, Cleartrip, etc.)
   3. 1% fuel surcharge waiver
2. Complimentary lounge access: 4 domestic lounge visits in 1 year

Best Credit Cards for Travel

Several credit cards offer services on complimentary lounge services. However, for those who frequently take flights to travel, some credit cards best suited for them are as follows.

3. American Express Platinum Travel Card

For those who find themselves travelling quite often, the American Express Platinum Travel credit card serves as an ideal choice. 

Annual Fee – Rs. 3500 (+GST) for the first year

Rs. 5000 (+GST) from the second year onwards

Benefits:

1. Welcome Bonuses:
   1. 10,000 reward points on joining (redeemable via Flipkart vouchers)
   2. The pay with points option can be redeemed in Amex travel online
2. Travel vouchers: Vouchers worth Rs. 4500 if Rs. 1.9 lakhs is spent in a year
3. Frequent discounts on MakeMyTrip
4. One reward point for every INR 50 spent
5. Complimentary lounge access.

4. Citi PremierMiles Credit Card

One of the most popular credit card choices in the travel segment, especially for those who prefer to earn their air miles through domestic journeys. On top of everything else the card offers, the air miles earned never expire and can be redeemed flexibly across different platforms.

Joining Fee – Rs. 3000

Annual Fee – Rs. 3000

Benefits:

1. Miles earned:
   1.  10 miles for every Rs. 100 spent on PremierMiles
   2. 4 miles for every Rs. 100 spent on other spends
2. Complimentary lounge access: 8 complimentary lounge access per quarter (Visa variant only)
3. Net savings of Rs. 10,000 on the spending of Rs. 2 lakh in 1 year

Best Credit Cards to Earn Rewards

Many credit cards offer exquisite rewards and complimentary facilities upon subscription. Here are the top two credit cards to make the most of their rewards.

5. HDFC Regalia Credit Card 

One of the best things about owning a credit card is the number of rewards and benefits that come along with it. If rewards are a priority over all other things, the HDFC Regalia Card is ideal for those who prefer spending using their credit cards. By using this card, rewards can be received on education, utilities, insurance, as well as rent.

Joining Fee – Rs. 2500

Annual Fee – Rs. 2500

Benefits:

1. Reward points: 4 points per Rs. 150 spent on all retail
2. Complimentary Membership for Dineout Passport
3. Complimentary lounge access: 12 domestic lounge access in 1 year

6. Standard Chartered Platinum Rewards

With a nominal joining and annual fee, the Standard Chartered credit card gives you more than what you spend. The reward points earned are ideal to be redeemed via vouchers and gift cards. It is best suited for rewards on Fuel and Dining.

Benefits:

1. Welcome deals: Cashback on restaurants up to Rs. 500 for the first 90 days
2. Reward points:
   1. 5X reward points for every Rs. 150 spent on fuel
   2. 5X reward points for every Rs. 150 spent on fine-dining
   3. 1X reward point for every Rs. 150 spent on other retail

Best Credit Cards for Deals on Fuel

With prices of petrol and diesel ever-rising, a credit card offering attractive fuel deals could be helpful. Here are a couple of credit cards best suited for those who frequently travel by their vehicle.

7. BPCL SBI Card Octane

With rising fuel prices, this credit card may be most suited to gain effective cash backs, rewards, and deals across fuel stations. This credit card offers a very high value back of 7.25% on fuel purchases at BPCL petrol pumps. 

Joining Fee – Rs. 1499

Annual Fee – Rs. 1499

Benefits:

1. Welcome bonus: 6000 reward points (worth Rs. 1500) as a benefit
2. 7.25% value back on fuel expenses
3. 1% surcharge waiver across all BPCL petrol pumps
4. Reward points: 25 points for every Rs. 100 spent on fuel, lubricants, and Bharat Gas (BPCL outlets only)

8. IndianOil Citi Platinum Credit Card

This credit card offers a unique feature of Turbo points, which can be redeemed as free fuel at IndianOil stations. In this case, the value of 1 Turbo point is Re. 1.

Joining Fee – Rs. 1000

Annual Fee – Rs. 1000

Benefits:

1. Turbo Points:
   1. 4 Turbo Points per Rs. 150 spent at IndianOil outlets
   2. 2 Turbo Points per Rs. 150 spent on groceries
2. 1% fuel surcharge waived at IndianOil stations

Best Premium Credit Cards

Finally, several top-of-the-line credit cards offer premium benefits found among no other categories. Here are a couple of the best premium credit cards to consider.

9. SBI Prime Credit Card

The rewards extend across grocery, dining, and departmental stores, ideal for those who use their credit card for most of their expenses. Despite its premium pricing, it is a top choice, given the benefits offered across a wide range of services.

Joining Fee – Rs. 2999

Annual Fee – Rs. 2999

Benefits:

1. Reward points: 10 points per INR 100 spent on grocery, dining, and departmental stores
2. Welcome bonus: Rs. 3000 in the form of e-vouchers
3. Complimentary Memberships: Vistara and Trident Privilege Red Tier

10. HDFC Diners Club Black Credit Card

The most expensively priced membership on the list here, the HDFC diners club, offers the most exclusive privileges and rewards on travel and shopping. Here are some of the exquisite benefits of the same.

Benefits:

1. Complimentary Memberships: Zomato Gold, Amazon Prime, Club Marriott, etc
2. Air mile earnings with every purchase and unlimited airport lounge access
3. Saving values are higher than the annual fee
4. Low forex markup fee

Final Thoughts

Amidst all of the options, it is essential to choose a credit card wisely based on your requirements. A good starting point is to assess your expenditures, understand where you could benefit from a credit card, and proceed accordingly. If you need help with finances, you can always take the help of experts such as Piramal Finance to guide you through your personal finance woes.