Best Credit Cards With Low-Interest Rates In India

Many people are now dependent on credit cards, which give them the ability to make large purchases and the financial security to pay them later. Yet, using a credit card with a high-interest rate might end up being very expensive, especially if you have a large balance that needs to be paid each month. Having a low-interest credit card in this situation is important since you can avoid paying a significant amount of money in interest. Continue reading to learn everything there is to know about low-interest credit cards, including the best ones in the market.

What exactly are low-interest credit cards?

Having a good credit card with a low-interest rate might be beneficial for people who want to use their credit cards to buy costly products. The majority of credit cards carry monthly interest rates between 3% and 3.5%. But, some of the credit cards available on the market have monthly interest rates as low as 0.75% to 2%.

List of Credit Cards with Low-Interest Rate in India

Here is the list of the best low-interest credit cards available in India:


Low-Interest Credit Cards

Interest Rate

HDFC Bank INFINIA Credit Card Metal Edition


1.99% per month or 23.8% annualized

IDFC First Wealth Credit Card

0.75% to 3.5% per month

IDFC FIRST Select Credit Card

0.75% to 3.5% per month

HDFC Bank Diners Club Black Credit Card

1.99% per month or 23.88% annually

IndusInd Bank Celesta Credit Card

2.99% per month

IndusInd Bank Crest Credit Card

2.99% per month or 36% annually

IndusInd Bank Pioneer Heritage Credit Card

2.99% per month or 35.88% per annum

Axis Bank Burgundy Private Credit Card

1.5% per month

Axis Bank Pride Platinum Credit Card

2.95% per month

Axis Bank Pride Signature Credit Card

2.95% per month or 41.75% annually

IDFC FIRST Classic Credit Card

0.75% to 3.5% per month

IDFC FIRST Millennia Credit Card

0.75% and goes up to 2.99% per month

Standard Chartered Super Value Titanium Credit Card

1.99% per month or 23.88% per annum

Standard Charter DigiSmart Credit Card

1.99% per month or 23.88% per annum

Advantages and Disadvantages of a Credit Card with a Low-Interest Rate

Low-interest credit cards have benefits and drawbacks like anything else, so this also applies to them.


The benefits of credit cards with low-interest rates are as follows:


Interest rate saving

One of the major benefits of a low-interest credit card is this if you roll over the credit facility on such a card, the interest rate on the remaining balance is lower than it would be on a typical card. In other words, there isn’t a significant interest rate to pay.


Elimination of overdue credit card debt

Cardholders can pay off the bills which have already been collected on their current credit cards with the use of low-interest credit cards.


Travel/Lifestyle Benefits

Most of the low-interest credit cards are premium cards that come with exciting offers and benefits like lounge access, hotel/flight discounts, dining and movie offers, etc.


Some of the disadvantages of low-interest-rate credit cards are as follows:


Shortage of benefits

The limited availability of benefits or incentives is one of the card’s main drawbacks. These cards might not provide you with many reward points, free flights, deals, or savings.


Interest Rates on certain transactions are high

If you use a credit card with a low-interest rate, you must pay a significant fee for any extra advantages you use, such as the cash advance options. There are a few low-interest credit cards, besides, that are safe from this issue. If the cash advance option is crucial to you, make sure to browse around and discover the card that's best for you.


Frequently charged fees for balance transfers

Credit Cards with low-interest rates are an excellent method to start paying off your existing debt. It makes logical that you would wish to perform a balance transfer as a result. Keep in mind that the majority of low-interest credit cards will impose a fee on any balance transfer.

Bottom Line:

You may have understood low-interest credit cards and their advantages after reading the article. You must apply for one of these cards if you want to stop paying excessive interest on the balance on your credit card. Remember to compare the low-interest credit cards with other components as well, such as annual fees, card benefits, etc. If you already have a low-interest credit card, please tell us about your experience using it in the comment area below.


Additional Reading:  Pros And Cons Of Having Multiple Credit Card

 

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