Best Credit Cards

5 Best Credit Cards For Millenials

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India is a growing economy wherein the young population dominates the corporates and the business-based economy. We have in total of 450 million millennials in the country. The working population of the country is considered as the millennials for the economy. The potential individuals who are working or are ready to enter the market are considered as millennials. They are considered as the most spendthrift consumer segment of the economy. Thus, instant credit cards are the most used source of finance in their case. They work on a very simple mantra while shopping, i.e., if they want it, they will get it.

 

For the credit card market, the financial behavior of the individual is necessary to target the correct class of the group. Financial institutions have come up with different categories of credit cards, i.e., cards specifically for millennials. This article talks about the five most preferred credit cards by the millennials.

1. HDFC FREEDOM CREDIT CARD:

This credit card offers various benefits on every transaction done through the credit card. The features of the credit card are as follows:

  • If INR 150 or more is spent, then 1 reward point is earned.
  • Welcome benefit and a renewal benefit of 500 reward points are offered to the cardholder. The reward points are credited to the account only after the joining fee or the renewal fee is paid by the cardholder.
  • 1% of the fuel charge is waived, i.e., INR 250 per month.
  • Reward points can be used as cashback, i.e., 100 points are equivalent to INR 10
  • If the annual spending is more than INR 90,000, then the gift voucher worth INR 1000 is provided to the cardholder.
  • If the customer makes a transaction on his or her birthday, the reward points can be 25 times than what they would get.
  • 5 times the reward points if the credit card is used for movies, dining, groceries and cab bookings
  • No liability loss if the credit card is lost
  • PIN free transactions can be up to INR 2000.
  • This credit card is the most preferred credit card by the millennials

2. KOTAK URBANE GOLD CREDIT CARD:

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Launched by the Kotak Mahindra Bank for the millennials to get benefits on online transactions and financial freedom. The features of the credit card are as follows:

  • There is no joining fee but an annual fee of INR 199 plus applicable taxes. The annual fee is waived off if the yearly expenditure is more than or equivalent to INR 15,000.
  • There is no charge if the card is used to withdraw money from other bank’s ATM.
  • Low foreign currency mark-up fees
  • If the transaction amount is INR 400 or more, then the reward points can be three times.
  • 4 PVR tickets or 10000 reward points, if the annual expenditure is more than INR 1,00,000.
  • In case the card is lost, it automatically gets deactivated.

3. SBI CARD PRIME:

This is one of the most preferred credit cards from SBI for millennials. The features of the credit card are as follows:

  • Welcome e-voucher INR 3000 redeemable at specific stores.
  • 10 reward points for every INR 100 transaction on movies or entertainment
  • 15 reward points on every INR 100 spent on the Bigbasket app.
  • The annual fee is not charged if the annual expenditure is more than INR 3,00,000.
  • Transactions on birthday can fetch you 20X reward points
  • Annual fee and the renewal fee of INR 2999 plus taxes
  • Complimentary Vistara silver membership and trident privilege red-tier membership

4. CITI REWARDS CREDIT CARD:

  • Up to 2500 welcome reward points
  • If the purchases using the credit card are more than INR 30,000, then 300 bonus points are awarded to the cardholders.
  • Accumulation of reward points is allowed, it is referred to as evergreen points
  • For every INR 125 spent, 1 reward point is awarded
  • 15% discount on all partner restaurants
  • PIN free transactions can be up to INR 2000.
  • 10 times reward points on transactions done on apparel and departmental stores.

5. STANDARD CHARTERED DIGI SMART CREDIT CARD:

Suitable for the millennials who use the mobile application more often. The features of the credit card are as follows:

  • Avail 10% to 25% discount on travel bookings through yatra
  • Save up to INR 750 on Zomato
  • Save up to INR 600 on Ola cabs
  • Save up to INR 700 on Myntra shopping using the credit card
  • Online verification security
  • Purchases above INR 5000 can be converted into EMIs.
  • Convert the entire outstanding balance into EMIs with no transaction cost
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The above mentioned are the 5 best credit cards for the millennials.

SUMMARY:

India is a growing economy, with a total of 450 million millennials in the country. The working population of the country is considered as the millennials for the economy. The potential individuals who are working or are ready to enter the market are considered as millennials. They are considered as the most spendthrift consumer segment of the economy. Thus, credit cards are the most used source of finance in their case. They work on a very simple mantra while shopping, i.e., if they want it, they will get it.

So, here are a few credit cards that may be the best choice for the millennials:

1. KOTAK URBANE GOLD CREDIT CARD:

  • There is no joining fee but an annual fee of INR 199 plus applicable taxes. The annual fee is waived off if the yearly expenditure is more than or equivalent to INR 15,000.
  • There is no charge if the card is used to withdraw money from other bank’s ATM.
  • Low foreign currency mark-up fees

2. SBI CARD PRIME:

  • Welcome e-voucher INR 3000 redeemable at specific stores.
  • 10 reward points for every INR 100 transaction on movies or entertainment
  • 15 reward points on every INR 100 spent on the Bigbasket app.
  • The annual fee is not charged if the annual expenditure is more than INR 3,00,000.
  • Transactions on birthday can fetch you 20X reward points

3. CITI REWARDS CREDIT CARD:

  • Up to 2500 welcome reward points
  • If the purchases using the credit card are more than INR 30,000, then 300 bonus points are awarded to the cardholders.
  • Accumulation of reward points are allowed, it is referred to as evergreen points
  • For every INR 125 spent, 1 reward point is awarded
  • 15% discount on all partner restaurants

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