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Best Low-Interest Credit Cards in India

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The interest rate on credit card is the rate charged by the banks on the amount borrowed by the credit cardholder. The interest charges are applicable only to those cardholders who don’t pay their outstanding in full. For instance, if customer’s credit card bill amount for a previous billing cycle is Rs.10, 000 and they wishes to make a partial payment, either minimum amount due or even lesser than that, then the bank will levy finance charges according to its policy. However, credit cards with low-interest rates help the users to manage their finances in a better way.

Best Low-Interest Credit Cards

Credit Card Interest Rate per month Annual Percentage Rate (APR)
HSBC Visa Platinum Credit Card 3.3% 39.6%
HDFC Bank Regalia Credit Card 3.49% 41.88%
American Express Membership Rewards Credit Card 3.5% 42%
Citibank Rewards Credit Card 3.10% to 3.40% 37.20% to 40.80%
SBI Card Prime 3.35% 40.2%

*Please note that the interest-rates mentioned above are subject to change at the bank’s sole discretion.

HSBC VISA Platinum Credit Card

HSBC VISA Platinum credit card’s finance charges are computed from the date of transaction per month or per annum at such modified rates as decided by the bank from time to time.

This credit card is best suited for shopping, dining and fuel purchases. The cardholder can also earn reward points and get access to a host of other premium services from the bank including concierge services, zero lost card liability and emergency card replacement.

Features:

Cash Back Offer on Joining- Under the introductory offer, one gets up to Rs. 3,000 cashback on spending Rs.10,000 or more within the first three months of card issuance

Extra Rewards for One Year- For the first 12 months, one can enjoy 3X rewards on dining, hotels, and telecom spend

Movie Vouchers- Spend Rs. 50,000 in a month and get a movie voucher worth Rs. 500 subject to a maximum of Rs. 3,000 per cardholder

Rewards- Earn 2 Reward Points for every Rs. 150 spent

Accelerated Rewards- Earn 5X reward points on subsequent purchases made after spending Rs. 4 lakh or more in a year subject to a maximum of Rs. 1 lakh

Additional Benefits:

Saving on Fuel- Get fuel surcharge waiver at any fuel pump across India for transactions between Rs. 400 and Rs. 4,000 with the maximum amount capped at Rs. 250 per calendar month

Zero Liability for Lost Card  – One can get covered for misuse of his/her HSBC Visa  Platinum credit card up to 24 hours before reporting and registering, for up to Rs. 3,00,000

HDFC Regalia Credit Card

HDFC Regalia Credit Card’s finance charges are payable at the monthly percentage rate on all transactions from the date of the transaction in case the cardholders choose not to pay his balance in full till it is paid back. Finance charges, if payable, are debited from the account till the outstanding on the card is paid in full.

This credit card is well-suited to the premium lifestyle. The card offers maximum luxury and travel benefits and also gives high reward points on every purchase.

Features:

Welcome Bonus – Get 2,500 reward points and welcome bonus

Airport Lounge Access – Enjoy access to 850+ airport lounges around the globe through Priority Pass Membership

Dining Benefits – Get up to 40% discount on fine dining including some 5-star restaurants

Reward Points – Earn 4 Reward Points for every Rs.150 spent. Value of 1 reward point is equal to Rs. 0.75. Redeem your rewards against an exciting range of merchandise and gift vouchers

Additional Benefits:

Fuel Surcharge Waiver – Enjoy 0% surcharge on fuel purchases across all petrol pumps

Travel Concierge Assistance – Enrich your travel and hotel experience with travel concierge assistance

American Express Membership Rewards® Credit Card

American Express Membership Rewards® Credit Card’s interest is payable at the monthly percentage rate on all charges from the date the cardholder incurs the transaction until they are fully repaid, except where an interest-free period applies.

However, this card offers great rewards to its user. Customers also get to redeem points on Reward catalog, get statement credit and so on.

Features:

Rewards Program – Users earn 1 Membership Reward Point on every Rs. 50 spent. Reward Points are not earned on Fuel, Insurance, Utilities, and Cash Transactions

Bonus Reward Points – Customers can earn 1,000 bonus Membership Reward Points if they use their credit card at least 4 times per month to transact Rs. 1,000 or more

Annual Fee Offer – Users get 5,000 bonus Membership Reward Points on payment of the annual fee for the first year

Additional Features:

Fuel Convenience Fee Waiver – Users do not have to pay the convenience fee on fuel transactions made on Hindustan Petroleum Fuel Stations

Gold Collection Reward Offers – Users can Redeem their points against the 18 Karat and 24 Karat Gold Collection

Citibank Rewards Credit Card

Citibank Rewards Credit Card’s interest is charged if the credit cardholder fails to pay back the previous due bill in full, by the payment due date. The rate is dynamic and is subject to periodic reviews by the bank on various parameters, such as spends utilization on the cards, repayment patterns, and the credit bureau feedback related to lending products issued to the cardholder.

However, this credit card is designed for frequent shoppers. Users can earn bonus reward points, cash back, gift vouchers and so on.

Features:

Welcome Benefits – Users get up to 2500 Reward Points on using their card within 60 days of card issuance

Reward Points – Users earn 1 reward point for every Rs. 125 spent. 10X points are earned on apparel and departmental store spends. Also, 300 bonus points are earned on spending Rs. 30,000 or more in a month

Dining Offers – Users get up to 20% discount on dining bill at partner restaurants

Cashback – Users can also use their reward points to pay their credit card bill. 1 Reward Point = Re. 0.35. However, users must accumulate 5,000 points before they can redeem it

Additional Benefits:

Security – The card is equipped with an EMV chip and uses a PIN to complete transactions. This lends extra security to the credit cards

Concierge Service – Citibank concierge service allows one to send flowers, arrange parties, make dining and movie ticket reservations as well as get travel assistance

SBI Card Prime

SBI Card Prime members are required to pay the finance charges at the monthly interest rate on all transactions including unpaid EMI installments from the date of the transaction in the event of the cardholder choosing not to pay his balance in full till it is paid back

However, this credit card is well-suited for customers who like to spend on travel and leisure. This SBI Card offers privilege such as premium lounge access, rewards, welcome bonus, birthday benefits and many more.

Features:

Welcome Benefit – The customers can avail welcome e-gift voucher worth Rs. 3,000 from Bata/Hush puppies, Marks and Spencer, Pantaloons, Shoppers Stop and Yatra.com

Reward Points – SBI Card Prime users can earn 20 reward points per Rs 100 spent on standing instructions of utility bill payments, 15 reward points per Rs. 100 spent on Big Basket, and 10 reward points per Rs. 100 spent on dining, groceries, departmental stores, and movies

Milestone Benefits – It also offers milestone benefits such as Pizza Hut voucher worth Rs 1000 on achieving spends of Rs 50,000 in a calendar quarter, waiver of renewal fee on annual spends of Rs. 3 lakh and e-gift voucher worth Rs. 7,000 from Yatra.com/Pantaloons on achieving annual spends of Rs. 5 lakh

Additional Benefits:

Add-on Cards –
 With this credit card, users can get add-on cards for their family members including spouse, parents, children, and siblings, thus giving them more power to spend

Cash on the Go – With SBI Card Prime, one can withdraw cash from over 1 million Visa ATMs worldwide

Safe and Secure – This chip and pin enabled credit card enhances the security against counterfeiting and skimming

Utility Bill Pay Facility – Now one can easily pay his/her electricity bill, telephone bill, mobile bill and other utility bills with SBI Card Prime

Advantages of Low-Interest Rate Credit Cards

Low-interest credit cards have the following advantages:

Savings on Annual Fee – Credit cards with low-interest rates generally have zero or low annual fee than most of the other credit cards. Banks sometimes also waive the annual fee if a certain amount is spent on the card every year.

Savings on Interest – Since the credit card charges a low-interest rate, if the cardholder chooses to use the rollover credit facility, then the interest incurred on the bill will be comparatively much lesser. However, if an individual is unable to pay the entire credit card bill in 30 days, the interest charged on the balance will not be high.

Lower Annual Percentage Rate:  Credit cards with low-interest rates come with a lower annual percentage rate. It helps customers to continue availing lower interest rates even after the introductory period.

Payment of Current Credit Card Debt:  Customers can pay off the accumulated credit card debt with the help of low-interest credit cards.

Suggested Read: Credit Card Interest Rates

Disadvantages of Low-Interest Credit Cards

Low-interest credit cards have the following disadvantages:

Fewer Perks: Customers who opt for low-interest credit cards may not be able to avail various perks such as discounts, cashback, rewards that are associated with comparatively higher interest credit cards.

High Credit Score: Customers with good credit scores and who timely pay their bills and EMIs and has a good spending capacity might be eligible for lower interest rates credit card.

Fee on Balance Transfer:  Customers can pay off current debts via low-interest cards; one is still required to be careful while doing a balance transfer. As the credit cards with low-interest rates charge a fee on all balance transfer.

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