As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India (RBI) data revealed.
According to a survey by Credit Card Insider, the most popular credit cards in India are HDFC Bank Regalia, SBI Card Prime, ICICI Bank Platinum Chip, Axis Bank Vistara Signature, and American Express Membership Rewards.
Credit cards can help you build your credit score, earn rewards, get discounts, avail of EMI options, and manage your cash flow. They can also protect you from fraud and theft, as you can dispute any unauthorized charges.
Credit cards can also have some drawbacks, such as high interest rates, fees, penalties, and debt traps. You need to be careful about your spending habits, repayment schedule, and credit utilization ratio. You also need to be aware of phishing, skimming, and other cybercrimes.
The best credit card for you depends on your income, spending pattern, lifestyle, and financial goals. You should compare different credit cards based on their features, benefits, fees, and eligibility criteria. You should also read the terms and conditions carefully before applying.
You can apply for a credit card online or offline, depending on the issuer. You need to fill out an application form, provide your personal and financial details, and submit the required documents. You may also need to undergo a verification process and a credit check. Once approved, you will receive your credit card within a few days.