The number of credit card users is increasing at a high rate in India. The credit card has showcased the most promising performance in the last half-decade. Though the industry faced a slowdown in the last two years due to the pandemic and economic breakdown. The average credit card spending decreased from ₹10,500/month - ₹9,800/month in February 2021.
Similar to any other industry, the credit card industry is also regaining its stability as a consequence of the increased purchasing power of the users. Currently, out of every 100 people in India, only three of them have a credit card. This shows that there is great scope for development in this industry.
Check out the list of top 5 credit card issuers in India that have been issuing a wide range of credit cards according to the goals and budget of the customers.
RBL Bank is a private sector bank in India. The headquarters of this bank is in Mumbai. The bank offers 12 different types of credit cards with more than 30 lakh active cardholders making it among the top credit card issuers in India. The bank has collaborated with various big brands like Zomato so that cardholders can enjoy amazing discounts and schemes on every transaction. The RBL World Safari Credit Card is the only Indian credit card that offers the facility of zero foreign currency markup fee. The best credit cards offered by RBL are -
RBL Bank Cookies Credit Card
RBL World Safari Credit Card
Edition Black Credit Card
With more than 1.2 crore active card users, SBI ranks second among India’s largest credit card issuers. SBI was established in 1998 as a joint venture by SBI and GE Capital. Recently in 2020, SBI launched its IPO which was oversubscribed 26 times. SBI is also the only credit card company listed in India's stock market. Some of the best credit cards offered by SBI are -
Air India SBI Platinum Card
Air India SBI Signature Card
SBI STYLEUP Contactless Credit Card
IRCTC SBI Platinum Credit Card
Club Vistara SBI Card
Yatra SBI Card
Another credit card issuer in India, ranks 3rd in the list of largest private sector banks. Axis Bank was established in 1993 and is one of the most popular and trustworthy banks in the country. Currently, there are around 72 lakh active Axis Bank credit card users. The bank has tied up with various brands, especially in the travel category, to offer the best deals and discounts to its users at every transaction. The best credit cards offered by Axis Bank are -
Vistara Infinite Credit Card
Axis Bank My Wings Credit Card
The second largest private bank in India according to revenue and market share is ICICI Bank. The number of current active ICICI credit card users in India is above 1.1 crore which accounts for around 16% of the total credit cardholders in India making ICICI one of the highest credit card issuers in India. ICICI Bank has collaborated with brands from all categories, be it shopping, entertainment, or travel. It has also collaborated with PAYBACK which is a program for processing reward points. The best credit cards offered by ICICI Bank are -
ICICI Bank Coral Contactless Card
ICICI Platinum Chip Card - Visa
CitiBank is a subsidiary of the US financial conglomerate, Citigroup. The bank is planning to leave the retail banking market but has assured to serve its customers in India till it finds a buyer for it. The bank has around 25 lakh active credit card users in India and ranks 6th on the list of top credit card issuers in India. Some of the best cards offered by Citibank are -
Citi Prestige Credit Card
Apart from the above mentioned, there are many other credit card issuers in India. All these issuers offer many types of credit cards depending on the requirement and choice of the users. The increase of the online payment system in India has increased the demand for credit cards in the market, which eventually increased the number of credit card issuers in the country.
Some of the main credit card issuers in India are -
HDFC Bank Limited is among the largest credit card issuers in the country. The bank has been rendering various services loans, retail banking, etc. for almost three decades now. Currently, there are around 1.5 crores of active HDFC credit card users availing lucrative deals and discounts on every transaction.
This private sector bank started its operations in 2015 and is popularly known for providing financial assistance to customers via loans at minimal interest rates, however, IDFC bank has recently attracted a lot of credit card customers with their lifetime free membership i.e. the bank does not charge any annual fee or maintenance charges from its cardholders.
Bank of Baroda is among the oldest and most reputed banks in the country operating since 1908 headquartered in Vadodara, Gujarat. The bank offers a wide range of credit cards to customers according to their needs and goals. The customers can apply for lifetime free membership BoB credit cards and enjoy its benefits at zero cost.
This bank has been successfully carrying out its financial services for almost two decades. Headquartered in Mumbai, Kotak Mahindra bank has a wide network of 1600+ branches and 2500+ catering to different banking needs of the customers.
American Express Company is a US-based multinational corporation rendering its banking and trading services since 1850. American Express credit cards are useful for people who make frequent international purchases, especially in the USA. The applicant should have an excellent credit score to be eligible for an American Express credit card.
IndusInd bank is known as the new generation bank in the country delivering its banking services in India as well as in London, Dubai, and many other places. IndusInd credit cards are globally accepted and offer various perks and benefits to cardholders on international transactions. Currently, there are around 1 crore active IndusInd credit card users in India.
HSBC Holdings plc is a British multinational bank seamlessly operating in India under the Banking Regulation Act of 1949, governed by RBI. The bank offers only five credit cards that are specifically designed to cater to different budget goals and needs of the customers. The customers can avail of a lifetime free membership on HSBC credit cards and enjoy its benefits at zero cost.
Many Indian banks offer credit cards. The best way to choose a credit card company is by researching whether the offers they provide are useful to you or not. The top banks to get a credit card in India are -
There are various varieties of credit cards offered by American Express. The top three of them are -
American Express PlatinumReserve Credit Card
The American Express Platinum Travel Credit Card
The American Express Membership Rewards Credit Card
Yes, HDFC ranks first in the list of best Indian credit card companies. The HDFC credit cards are very useful in all categories, be it entertainment, dining, travel, etc. The best HDFC credit cards are -
HDFC Regalia Credit Card
HDFC Millennia Credit Card
HDFC MoneyBack Credit Card
Hdfc Bank Easy EMI Credit Card
HDFC Diners Club Privilege Credit Card
HDFC Bank Diners Club Rewardz Credit Card
HDFC Platinum Times Credit Card
The eligibility criteria for credit cards vary from bank to bank, but certain general factors affect the criteria. These factors are -
Debt to Equity Ratio
There are many benefits of having a credit card. Some of them are -
The most accepted method of payment.
Unlimited reward points
Discounts and cashback on all transactions
Interest-free cash withdrawals.
Credit card issuers create, issue and manage credit cards. They decide the policies and terms of credit cards and also determine the interest rates, rewards and fees. Credit card companies also tailor-make credit cards to meet the requirements of specific categories like frequent travelers, frequent diners, or students studying abroad.
If you are unsure about your credit card issuer and want to know about your credit card issuer, you can do so with the help of your credit card number. The credit card number is written on your card. The first six to eight digits of your credit card number help identify the credit card company.
Banks can be issuers of credit cards in India either directly or through a subsidiary company. The non-banking financial companies, or NBFCs, can issue credit cards with prior approval of the Reserve Bank of India (RBI).
You can contact your credit card issuer by calling the phone number available on your credit card. You can also contact your credit card issuer by checking the card issuer’s website for the customer service contact.
You should immediately contact your credit card issuer in case you have lost your card or have observed any unexpected transactions done using your card.