Paying annual fees on your credit cards can sometimes be too hefty on your wallet. So, to avoid that, you can choose a card with no annual fee. Here is the list of 8 credit cards with no annual fee in India.
In today’s world, owning a credit card is not a big thing, but what we need to be aware of is the annual fee that comes with it. However, the annual fee for your card is worth it if you get substantial rewards in return. Credit cards with no annual fee offer more value and better benefits in the long run, mostly because you can keep such credit cards active and without paying any extra cost.
Moreover, if you do minimal spending on your lifetime free credit card, it can help you improve your credit score.
7 Best Credit Cards With No Annual Fee In India
Here are 8 best credit cards with no annual fee in India:
#1. Standard Chartered Manhattan Credit Card
The Standard Chartered Manhattan Credit Card is the only card that gives direct 5% cashback on your grocery shopping in the supermarkets/departmental store. All you need to do is make a transaction of INR 1000 to receive a 5% cashback. However, the maximum cashback you will ever receive is INR 500 per month (INR 150 per transaction).
Now, most importantly, the Standard Chartered Manhattan Credit Card comes with an annual fee, but if you spend 1.2 Lakh or above, then the annual fees will be waived off.
Eligibility Criteria
Age: Between 21 to 65 years
Minimum take home salary: Rs. 50,000 per month
CIBIL Score: 750 and Above
Fees
- Joining fee: Rs. 999 + GST
- Renewal fee: Rs. 999 + GST
Features and Benefits:
Welcome Benefits
BookMyShow vouchers worth Rs. 2,000 these vouchers are provided after making the first transaction within 90 days of card set up.
Reward Points
5% cashback on supermarkets and departmental stores
- 1 Reward Point is equivalent to Rs. 0.28 (approximately)
- Reward Rate of 0.56%
Other Benefits
The Good Life Program: Discounts and offers across dining, travel, shopping, etc.
Drawbacks
Lower reward rate except on your spending on departmental stores and supermarkets.
- No cash back on online grocery stores such as Big Basket, Grofers, Amazon, etc.
- No airport lounge access
- No milestone and renewal benefits.
#2. Amex Membership Rewards Credit Card
The entry-level lifetime card from American Express. The AmEx Membership Rewards Credit Card is a lifestyle credit card that targets the lower segment of credit card users with low-income criteria, joining/annual & renewal fees. This credit card comes with a preset credit limit, which enables you to convert your purchases into EMIs.
Eligibility Criteria
- Age: Minimum 18 Years
- Income: Minimum annual income of Rs. 6 Lakhs
- Location Constraint: Delhi/NCR, Mumbai, Chennai, Pune, Bangalore, Hyderabad, Jaipur, Indore, Coimbatore, Ahmedabad, Chandigarh, Surat &Vadodra
Fees
- Joining Fee: INR 1,000
- Renewal Fee: If you spend substantially, then they waive off your renewal fee, or you will receive a
Features and Benefits:
Welcome and Renewal benefits:
- Welcome gift: 4,000 Membership Rewards Points equivalent to INR 1,000
- Annual Fee Payment: 5,000 Membership Rewards Points equivalent to INR 1,250
Reward Points
- The value of 1 Membership Rewards Point is INR 0.25
- You receive 1 Membership Rewards Point for every INR 50 spent except for your spends on Fuel, Insurance, Utilities, and Cash Transactions
- If you convert your points into statement credit, then the reward rate will be 0.5%.
- If you use the card 4 times on transactions of INR 1000 and above, you will receive 1000 bonus points.
Other Benefits
- Discounts of up to 20% on partner restaurants
- 24×7 Card Related Assistance, Emergency Card Replacement, and Zero lost Card liability.
- 2 Additional supplementary Membership Rewards Credit Card at no cost.
- Fuel Convenience Fee Waiver
Drawbacks
Though AmEx’s acceptability is increasing day by day, it is still not widely accepted. A lot of merchants still don’t accept American Express cards.
Also Read: 8 Best Credit Cards For Online Shopping in India
#3. SBI SimplyCLICK Credit Card
If you are a first-timer, then the SBI SimplyCLICK credit card is best for you. It provides 10X rewards on shopping at UrbanClap, BookMyShow, Amazon, etc. It also provides 5X rewards on your other online spends irrespective of your merchant site.
If you spend a lot online, then this is a really great card to have in your possession. This card is both VISA/MasterCard powered and is equipped with contactless payment technology.
Eligibility Criteria
- Age: Minimum 21 Years
- Salaried: Minimum monthly salary of Rs. 25,000
- Self Employed: ITR greater than Rs. 3 Lakhs per annum
Fees
- Joining fee: INR 499 + GST
- Renewal fee: INR 499 + GST
Please note: The annual fee is waived off if you spend more than 1 Lakh.
Features and Benefits:
Welcome Benefit
- Amazon gift voucher worth Rs. 500
Milestone Benefits
- On annual online spends of Rs. 1 Lakh, you get a Cleartrip e-voucher worth Rs.2,000.
- On annual online spends of Rs. 2 Lakhs, you get another Cleartrip e-voucher worth Rs.2,000
Moreover, you get an additional 2% reward rate on achieving a spend of Rs. 2 Lakhs.
Reward Points
- 1 Reward Point is equivalent to Rs. 0.25
- You get 10 reward points for spending each INR 100 on exclusive partners, such as BookMyShow, Lenskart, Amazon, Netmeds, UrbanClap, etc.
- You get 5 Reward Points per INR 100 spent on all other online spendings.
Please note: There is a redemption fee of INR 99 + Applicable Taxes on each redemption, so redeem your reward points after accumulating a good amount to prevent the loss due to the redemption fee. Also, you should know that wallet transactions are not eligible for 10X rewards.
Drawbacks
- A low reward rate of 0.25% on offline spendings.
- You cannot redeem reward points for statement cash.
#4. Kotak Royale Signature Credit Card
The Kotak Bank Royale Signature Credit Card offers various rewards and benefits across various categories, which include dining, shopping, and travel.
The card comes with no joining fee but an annual fee of INR 999 if you spend more than 1 Lakh in a year.
Eligibility Criteria:
- You must be between 21 to 65 years of age, and the supplementary cardholder should be at least 18 years of age.
- You need to be a resident of India and reside at any of the following locations, including Bangalore, Ahmedabad, Chennai, Chandigarh, Delhi NCR, Hyderabad, Kolkata, Pune, and Mumbai.
- Minimum annual income Rs.24 lakh.
Fees
- Joining fee: NIL
- Annual fee: INR 999
Milestone reward points:
If you spend more than 4 Lakhs in an anniversary year, then you will earn 10,000 bonus reward points, and if you spent 8 Lakhs, then you will get 30,000 reward points.
Travel benefits:
You get 2 complimentary airport lounge visits per quarter. In the lounge, you will get a gourmet meal, TV, Newspaper/magazines, free WiFi, etc.
Reward Point Benefits On Royale Signature Card
- Earn 4X reward points for every INR 150 you spend on categories like travel, dining, air tickets, international spending.
- For the rest other categories, you will earn 2X rewards.
You can redeem the accrued points on air tickets, air miles, cash, merchandise options, and mobile recharge with auto redemption facility.
Drawbacks
- Being the most premium card offered by Kotak Bank, it still lacks the Priority Pass. So no international lounge access is offered.
- The eligibility criteria of a minimum annual income of Rs 24 lacs per year is quite high.
#5. Citibank Rewards Domestic Credit Card
This card is just meant for shopaholics, indulge lavishly in shopping, and earn rewards. The Citibank Rewards Domestic Credit Card offers various benefits, which include cashback on utility payments, travel benefits, etc.
Eligibility Criteria:
- Age: Must be between 18-70 years
- You must be Indian or Non-Resident Indian
- The Add-on, credit card holders, must be above the age of 15 years.
- CIBIL Score: 700 and above
Fees
- 1st Year: INR 1,000
- Annual Fee: INR 1,000 (waived off if you spend more than INR 30000 in a year)
Features and Benefits
Welcome Benefits:
You will receive 1000 bonus points if you spend Rs 1000 or more within the first 60 days of issuance of your Citibank Rewards Domestic Credit Card.
Rewards:
Earn 10 rewards points for every INR 125 spent by you at a departmental or apparel outlets in India. Other spends will earn you 1 reward point for every INR 125 that you spent.
Here the benefit is that the accrued reward points never expire, and you can redeem it for vouchers, air miles, gifts, etc.
Other Benefits:
- You get personal Concierge Services to help you make dinner reservations, travel bookings.
- Enjoy a 20% discount on dining at 2000 partner restaurants.
- You can convert your retails expenses into EMIs.
#6. HSBC Visa Platinum Credit Card
This is an entry-level unsecured credit card for individuals with a minimum annual income of INR 4 Lakhs. There is no joining or annual fee, which makes the card completely free of cost.
Fees:
- Joining Fee: NIL
- Annual Fee: NIL
Eligibility Criteria:
- You should be above 18 years of age
- You must have a stable credit history
- You need to be salaried or self-employed and withdraw a stable salary
Features and Benefits:
Rewards:
- You earn 2 points for each INR 150 spent.
- You can also earn extra points if you are shopping at participating EXTRA partners.
- The reward points are valid for 3 years, which you can redeem for gifts and vouchers.
- You get 3X Rewards on spending on telecom bills, hotel bills, etc. for the first 12 months.
- You will get 5X Rewards after spending more than INR 4,00,000 annually to a maximum of INR 10,00,000.
Cashback offers:
You get 10% cashback on all spending during the first 90 days of issuance of your credit card, which is subjected to a minimum spend of INR 10,0000. However, the cashback cannot exceed more than INR 3000 per card.
Drawbacks:
To qualify for rewards, you need to meet compulsory spend requirements.
Concierge services are no longer available.
Also Read: 10 Best Credit Cards for Travel in India 2020
#7. ICICI Platinum Chip Card
ICICI Bank credit cards are famous for their huge promotion activities and payback reward system.
ICICI bank provides its customers with an enriching spending experience and payment flexibility.
This ICICI Platinum chip card ensures a safe transaction through the EMV chip. Every time the EMV chip is used for a transaction, the chip generates a unique transaction code giving a new dimension to transaction security.
Eligibility Criteria
- Age: 23 years and above
- Annual Income: Annual Income above INR 1.8 Lakhs – for Salaried and INR 3 Lakhs for Self–Employed
- Must be Indian Resident
- CIBIL Score: Must be above 700
Fees
- Joining Fee: NIL
- Annual Fee: NIL
- Renewal Fee: NIL
Features and Benefits:
Payback Benefits:
Cardholders can earn 2 payback points on all retail spends except 2 PAYBACK points.
Fuel Surcharge Waiver
For all fuel transactions below INR 4000 at HPCL pumps, you get a 2.5% fuel surcharge waiver.
VISA Benefits
Exclusive VISA deals starting from dining deals from luxury hotels, discounts at spas, and lifestyle stores.
You also get Global Emergency Assistance Service for emergency card replacement or for reporting a card loss.
Culinary Treats
Enjoy a 15% discount at participating restaurants with ICICI Bank’s Culinary Treat Programme.
Drawback:
No flight benefits or lounge access is provided with this card.
What are the documents required to apply for these cards?
The documents may vary with each bank, so here we have mentioned the most common documents you are required to present at the time of application and verification.
Identity Proof (Any One Of The Below)
- Aadhaar card
- PAN card
- Driving license
- Voter ID card
- Passport
Address Proof (Any One Of The Below)
- Electricity bill
- Ration card
- Passport
- Driving licence
- Telephone bill
- Last two months’ bank statement
- Voter ID
Income Proof (Any One Of The Below)
- Latest payslip
- Form 16
- Income tax (IT) return
Age Proof (Any One Of The Below)
- Tenth standard school certificate
- Birth certificate
- Passport
- Voter ID card
Other Documents
- PAN card photocopy
- Form 60
Also Read: 10 Best Credit Cards For Movie Lovers In India
Documents Required For Resident Self-employed Businessmen / Professionals to Apply For Credit Card
Identity Proof (Any One Of The Below)
- Aadhaar card
- PAN card
- Driving license
- Voter ID card
- Passport
Address Proof (Any One Of The Below)
- Electricity bill
- Ration card
- Passport
- Driving licence
- Telephone bill
- Last two months’ bank statement
- Voter ID
Income Proof (Any One Of The Below)
- Income tax returns with computation of income or
- Certified financial documents and
- Proof of business continuity
- PAN card
Age Proof (Any One Of The Below)
- Tenth standard school certificate
- Birth certificate
- Passport
- Voter ID card
That’s it folks, I hope the above guide will give you some insight in choosing among the 7 Best Credit Cards with no annual fee in India. If you want to add some other credit cards in the above list, feel free to reach out using the comment section below.
