Top 5 Credit Cards With Low Or Zero Annual Charges And Higher Reward Benefits

Credit cards when used smartly are a great financial instrument. They can be used to pay your financial obligations without paying any charges. You must pay your dues on or before the due date to avoid any interest charges. So, what are the features you should look for in a credit card? The bigger question is which credit card should you apply for? There are so many credit cards on offer but you must analyze and choose the one that best suits your needs.

Key Highlights for a Good Credit Card

1. They have zero or negligible joining/annual fees.
2. They have attractive offers on dining, entertainment, travel, online shopping, etc.
3. They have no hidden charges.
4. They do not charge a high-interest rate.
5. They provide rewards, welcome perks,  cashbacks, discounts, and other benefits that suit your requirements.
6. The services of the credit card are available to all income groups, across multiple geographies (not just the major cities) 

Here are some of the credit cards that have almost zero or minimal joining/annual fees and come with great rewards – 

Top 5 Credit Cards in India with Great Benefits and Minimum Charges

1. HDFC Millenia credit card
2. IDFC First Wealth credit card
3. Axis Bank Select credit card
4. HDFC Business Moneyback credit card
5. HDFC Diners Club Black credit card (for high spends)

Let us look at the features and benefits that make these credit cards one of the best credit cards available in India.

HDFC Millenia Credit Card

Key Features and Benefits of HDFC Millenia credit card

 

Features and Benefits of HDFC Millenia credit card –

• Welcome benefit of 1000 cash points, only upon payment of the membership fee
• Get 5% cashback on Amazon, Cult.fit, BookMyShow, Myntra, Flipkart, Swiggy, Tata Cliq, Zomato, Uber, and Sony Liv.
• 1% cash back on EMI and Wallet transactions
• Get gift vouchers worth Rs. 1,000 on spends of Rs. 1 lakh
• Enjoy 20% discount on partner restaurants via Dine Out
• Zero lost card liability in case it is reported immediately
• Up to 50-day interest-free credit period
• Get 8 complimentary lounges access in a year. 
• 1% fuel surcharge waiver, maximum up to Rs. 250

IDFC First Wealth Credit Card

Key Features and Benefits of IDFC First Wealth credit card

Features and Benefits of IDFC First Wealth credit card –

• Welcome voucher worth Rs. 500 on spends of Rs. 15,000 within the first 90 days.
• 4 Complimentary domestic/international airport lounge and railway lounge visits in a quarter.
• Free tickets to movies, online shopping offers
• 20% discount on dining at 1500+ restaurants
• 15% discount at 3000+ health and wellness centres
• Complimentary golf rounds
• 1% fuel surcharge waiver, maximum up to Rs. 400.
• Air accident cover up to Rs. 1 crore, and personal accident cover up to Rs. 10,00,000.
• Lost card liability covers up to Rs. 50,000.

Axis Bank Select Credit Card

Key Features and Benefits of Axis Bank Select credit card

Features and Benefits of Axis Bank Select credit card –

• Joining fee of Rs. 3,000 (NIL for Burgundy)
• Amazon welcome gift voucher worth Rs. 2,000
• 20% off on Big Basket purchases
• 40% off on Swiggy orders
• Buy 1 and Rs. 300 off on the second ticket on BookMyShow
• Complimentary airport priority pass membership
• 6 Complimentary golf rounds in a year
• 20% off at dining partner restaurants
• 1% fuel surcharge waiver, maximum up to Rs. 400
• Air accident insurance cover up to Rs. 2.5 crore

HDFC Business Moneyback credit card

Key Features and Benefits of HDFC Business Moneyback credit card

Features and Benefits of HDFC Business Moneyback credit card –

• Low joining fees at Rs. 500
• Avail 5% cashback on business essential spending like electricity bills, utility bills, tax payments, etc.
• Avail pre-approved loans and cash withdrawal facility
• Convert big purchases into EMIs
• Buy business essentials like furniture, ACs, electronics, etc. in bulk with your business card
• Ensure all utility bills are paid on time by registering with SmartPay.
• Zero lost card liability upon immediate intimation to the bank.
• 1% fuel surcharge waiver, maximum up to Rs. 250
• 20% off on the DineoutPay app. Maximum discount Rs. 300 per month.
• Earn 2500 reward points on yearly spend of Rs.1.8 lakhs

HDFC Diners Club Black credit card (for high spends)

This card is mainly for individuals with high income and spending. Though the joining fee is high at Rs. 10,000 + taxes, the renewal fee is waived off on spends of Rs. 5 lakh in the previous year. If you are a high net-worth individual with frequent traveling, this card is a great option for you.

Key Features and Benefits of HDFC Diners Club Black credit card

Features and Benefits of HDFC Business Moneyback credit card –

• Complimentary annual memberships of Forbes, Dineout, MMT Black, Club Marriott, Amazon Prime, and Times Prime
• Complimentary BookMyShow, Ola cabs, TataCliq vouchers, Cult.fit Live on spends of Rs. 80,000
• Get 5 reward points for every Rs. 150 spent
• Complimentary golf games, 6 per quarter
• Enjoy up to 10X reward points via SmartBuy and 2X on weekend dining
• Enjoy travel and wellness benefits on booking via the card.
• Avail credit liability cover worth Rs. 9 lakhs
• 2% markup on all your foreign currency spends
• Complimentary lounge access to domestic and international airports
• 1 % fuel surcharge waiver
• Insurance benefits – Air accident cover worth Rs. 2 crores, Travel insurance cover up to Rs. 55,000, and Overseas emergency hospitalization cover Rs. 50 lakhs

Eligibility criteria for Top 5 credit cards

 

The application process to the Top 5 credit cards via CreditMantri is as below –

1. Choose the credit card of your choice on the CreditMantri website
2. Click on “CHECK ELIGIBILITY”.
3. Fill in details like email ID, Mobile number, Residence city, Employment type, Residence pin code, and info about any loans that you may have
4. Tick all checkboxes for agreement terms.
5. Click on “Submit”
6. Enter the OTP received on your registered mobile number.
7. Proceed with the rest of the application and your application will be processed in no time.

Conclusion

Credit cards should be chosen by considering your needs and requirements. The one that has the minimum charges and maximum benefits might be the best for you. Always check the available options and then make a decision. Remember to pay your dues on time else credit cards will be shown as another debt on your account.

FAQ Top 5 Credit Cards With Low or Zero Annual Charges and Higher Reward Benefits

1:What should I look for in a credit card?

Low-interest rates, benefits, and rewards that suit your requirement and flexible payment options.

2:Which are the best credit cards with zero or minimum joining fees?

HDFC Millenia credit card, IDFC First Wealth credit card, and Axis Bank Select credit card are some of the good cards. Also note, some of the banks waive the joining fees upon a certain amount of spending. If you are certain about your annual spending, you could go for them too.

3:Do credit cards help boost your credit score?

If you use the card wisely and pay your dues on time, credit cards help in boosting your credit score.

4:How do I choose the right credit card?

Pick the card that offers you the best value in terms of your needs. If you travel a lot, choose a card with travel benefits. If you shop online a lot, choose a card with benefits for shopping.