5 Best Credit Cards for Millennials in India

14 Dec 2020 // 25 min read // Credit Cards
Author :(560 posts)

India is home to more than 450 million millennials, making them the biggest consumer segment in the present-day market. Millennials are individuals born between the years 1981-96, i.e., young professionals who have either just started their professional journey or are on the way up the professional ladder. Most millennials have now been working for a few years and are presently amongst the highest spenders amongst all consumer segments.

As a matter of fact, millennials are the most active Credit Card users globally. There is one simple mantra, “Want it? Get it.”

Card TypesAnnual FeeRewards and Benefits
SBI SimplySAVE CardRs. 4991 reward point for every 100 Rupees spent on other purchases and payments.
HDFC MoneyBack CardRs. 500Earn 2 Reward Points on every Rs 150 spent
CITI Cash Back Credit CardRs. 5005% cash back on movie ticket, telephone bill payments, utility bill payments
Standard Chartered Platinum Rewards Credit CardRs. 2505x reward points on every Rs. 150 spent on dining and fuel bills
ICICI Bank Coral Credit CardRs. 5002x cash reward points on dining, groceries, supermarkets bills

Top Credit Cards for Millennials in India

This financial behaviour makes millennials a big target market for financial institutions. Many banks are now offering Credit Cards developed, especially for millennials. These Credit Cards have all the features that a customer belonging to the category would want. Thus there is also a problem of plenty, as too many choices can make the selection a bit difficult.

If you also belong to the millennial generation and are finding it difficult to select the best Credit Card, here is the list of 5 best Credit Cards recommended for millennials:

Apply for SBI Credit Card

1. HDFC Freedom Credit Card:

HDFC Freedom Credit Card offers numerous benefits and rewards on every transaction, making it an ideal choice for young professionals.

Here are some of the standout features that make the HDFC Freedom Credit Card a perfect choice amongst millennials:

  • 1 reward point for every transaction of Rs. 150 or more.
  • A welcome benefit of 500 reward points and renewal benefit of 500 reward points. The reward points are credited to the account after the joining fee or renewal fee is realised.
  • 1% fuel surcharge waiver (up to Rs. 250 per month)
  • Reward points redeemable as cashback, i.e., 100 points are equal to Rs. 10.
  • Gift voucher worth Rs. 1000, if the annual spending is more than Rs. 90,000.
  • Customers can get 25X reward points on transactions made on birthdays.
  • 5X reward points for transactions related to movies, dining, railways, groceries, and taxi bookings.
  • Zero liability loss on the report of lost Credit Cards.
  • Contactless payments allow PIN-free transactions up to Rs. 2,000.

This indeed is one of the most popular HDFC Credit Cards amongst millennials.

2. Kotak Urbane Gold Credit Card:

This Credit Card by Kotak Mahindra Bank was launched particularly for young professionals who want financial freedom and enjoy benefits on their online transactions. Excellent value back offers to make it an exciting option for millennials.

Following are the most attractive benefits of owning a Kotak Urbane Gold Credit Card:

  • 3X reward points for every transaction of Rs. 100 or more. 1000 reward points have a redemption value of Rs. 75.
  • Urbane shield covers in case the card is stolen or is lost. The cover is activated once the loss has been reported to the bank.
  • Free Add-On card. You can set a cap on the Add-On Card so as to manage the spendings.
  • 4 PVR movie tickets or 10,000 reward points on annual spends of Rs 1 Lakh or more in a year.
  • No joining fee. Annual Fee is Rs. 199 plus GST. The annual fee is waived if annual retail spending is Rs. 15,000 or more in the year.
  • Low foreign currency mark-up fees.
  • No charge on using the card at other bank’s ATMs.

3. SBI Card PRIME:

This is an extremely popular SBI Credit Card that offers excellent benefits and rewards for the millennial generation of customers. Some of the noteworthy features of SBI Card PRIME are:

  • Welcome e-gift voucher worth Rs. 3,000 redeemable at partner stores.
  • 10 reward points for every Rs. 100 spent on movies, dining, and groceries.
  • 15 reward points on every Rs. 100 spent on BigBasket.com
  • Annual fee waiver on an annual spends of Rs. 3 Lakhs or more.
  • Complimentary Trident Privilege Red Tier membership.
  • Complimentary Club Vistara Silver membership.
  • 4 complimentary international lounge access and 8 complimentary domestic lounge access.
  • 20x reward points on birthday spends.
  • Annual fee of Rs. 2,999 plus GST and renewal fee of Rs. 2,999 plus GST.

4. Citi Rewards Credit Card:

Citi Rewards Credit Card from Citi Bank provides the customers with attractive rewards and benefits, making the shopping more rewarding. Following are the major features of this card:

  • Up to 2500 welcome reward points.
  • 300 bonus points of monthly purchase of Rs. 30,000 or more.
  • Evergreen reward points that do not expire- ever. This feature allows customers to accumulate reward points for better benefits.
  • 1 reward point for every Rs. 125 spent.
  • 10X reward points on transactions at apparel and departmental stores.
  • 15% discounts at select restaurants.
  • Eligibility for an instant loan.
  • Contactless payments up to Rs. 2,000.

Also Read: 6 Credit Cards in India for Benefits When You Eat Out

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