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STANDARD CHARTEREDCredit cards have become a need for lots of individuals as they give you financial stability and the power to make big purchases & pay later for them. But, having a credit card with a high-interest rate can sometimes become very costly, especially when you have a high outstanding balance to pay month on month. In such a case, it becomes really important to have low interest credit cards as you can save a lot of extra amounts you are paying in the form of interest. If you don’t know what a low interest credit card is, keep reading to know all about it and the top low interest credit cards in the Indian market.
- IDFC First Wealth Credit Card
- Axis Bank Burgundy Private Credit Card
- IndusInd Bank Indulge Credit Card
- HDFC Bank INFINIA Credit Card Metal Edition
- HDFC Bank Diners Club Black Credit Card
- IDFC FIRST Select Credit Card
- Yes Private/Private Prime Credit Card
- Yes Bank First Exclusive Credit Card
- Standard Chartered Super Value Titanium Credit Card
- Standard Chartered DigiSmart Credit Card
- InterMiles HDFC Bank Diners Club Credit Card
- Kotak Privy League Signature Credit Card
- HSBC Premier Mastercard Credit Card
- IDFC FIRST Classic Credit Card
- IDFC FIRST Millennia Credit Card
- Axis Bank Pride Platinum Credit Card
- Axis Bank Pride Signature Credit Card
- IndusInd Bank Celesta Credit Card
- Indusind Bank Crest Credit Card
- Indusind Bank Pioneer Heritage Credit Card
What Are Low Interest Credit Cards?
Low interest credit cards are the credit cards that charge lower interest on the outstanding balance than other credit cards. Most of the credit cards generally have an interest rate of around 3% to 3.5% per month. But, some of the credit cards in the market charge interest of as low as 0.75% to 2% per month. These cards can be great tools for people who carry a balance month to month on their credit cards. Although it is always best to pay the full amount due before the due date, low interest credit cards are the best choice in case you are not able to do so.
Is It Worth Having A Low Interest Credit Card?
Having a low interest rate credit card can help you save a lot when you carry an outstanding balance on your card from the previous billing cycle. So, Yes, it is worth it having a low interest credit card because the cards keep their promise of low interest. But the thing to keep in mind is: most of the low interest credit cards come with a high annual fee targeting super-rich individuals (other than the IDFC FIRST Bank credit cards). So, before choosing one, you must think about whether you really need it or not.
If you make big purchases with your credit card carrying an outstanding balance month on month, you should undoubtedly go with a low interest credit card keeping all your other requirements in mind. We are here with a list of the best low interest credit cards in India to help you out choosing one!
Top Low Interest Credit Cards
Welcome Benefits
Gift Vouchers worth Rs. 500 and a 5% cashback on the first EMI transaction performed within 90 days of card set-up.
Rewards Rate
3 Reward Points per Rs. 100 spent offline, 6 Reward Points per Rs. 100 spent online, 10 Reward Points per Rs. 100 on spends above Rs. 30,000.
Joining Fees
Nil
Card Details +
Annual Fee – Nil
Interest Rate – 0.75% to 2.99% per month (9% to 36% per annum)
Key Features:
- Welcome gift voucher worth Rs. 500.
- Up to 10 Reward Points on every spend of Rs. 100.
- Buy 1 Get 1 Free offer on movie tickets on BookMyShow.
- 4 complimentary international and domestic lounge visits per quarter.
Welcome Benefits
30,000 edge Reward Points
Rewards Rate
15 Edge Reward Points per Rs. 200 spent.
Joining Fees
Rs. 50,000 (Nil for individuals holding a Burgundy Private account)
Card Details +
Interest Rate – 1.5% per month (19.56% per annum)
Key Features:
- Welcome gift of 30,000 Edge Reward Points.
- No foreign currency markup fee.
- 15 Edge Reward Points on every Rs. 200 you spend.
- Unlimited complimentary domestic as well as international lounge access.
Welcome Benefits
Rewards Rate
1.5 Reward Points for every Rs. 100 spent using the card
Joining Fees
Rs. 2,00,000 (no annual fee applicable) or Rs. 1,00,000 (Rs. 10,000 annual fee applicable in this case)
Card Details +
Annual fee – Nil (with a joining fee of Rs. 2,00,000)
Rs. 10,000 (with a joining fee of Rs. 1,00,000)
Interest rate – 1.79% per month (21.48% per annum)
Key Features:
- 1.5 Reward Points on every spend of Rs. 100.
- Buy 1 Get 1 free offer on movie tickets through BookMyShow.
- 4 complimentary domestic and 2 international lounge access every quarter.
- 1 Reward Point = Re. 1 for redemption against cash credit.
Welcome Benefits
10,000 bonus Reward Points and free Club Marriott membership for first year.
Rewards Rate
5 Reward Points for every Rs. 150 spent, reward rate of up to 3.3%
Joining Fees
Rs. 12,500 (plus applicable taxes)
Card Details +
Annual Fee – Rs. 10,000
Interest Rate – 1.99% per month (23.88% per annum)
Key Features:
- Welcome benefit of 10,000 Reward Points.
- 5 Reward Points on every Rs. 150 you spend.
- Unlimited complimentary domestic and international airport lounge access.
- Exclusive dining benefits with the Good Trail Program.
Welcome Benefits
Complimentary Club Marriott, Amazon Prime, Zomato Gold, Forbes, Times Prime, and MMTDOUBLEBLACK memberships for a year.
Rewards Rate
5 Reward Points for every Rs. 150 spent (reward rate of up to 3.3%), accelerated Reward Points on SmartBuy
Joining Fees
Rs. 10,000 (plus applicable taxes)
Card Details +
Annual Fee – Rs. 10,000
Interest Rate – 1.99% per month (23.88% per annum)
Key Features:
- Complimentary membership of Amazon Prime, Times Prime & Zomato Gold as a welcome benefit.
- Up to 50 Reward Points on every Rs. 150 spent using the card.
- Unlimited complimentary domestic & international lounge access.
- 6 complimentary golf rounds per quarter.
Welcome Benefits
Gift voucher worth Rs. 500 based on spends within 90 days of card issuance and a 5% cashback on EMI transactions within 90 days of card issuance.
Rewards Rate
3 Reward Points per Rs. 125 spent offline, 6 Reward Points per Rs. 125 spent online, and 10 Reward Points per Rs. 125 on spends above Rs. 25,000.
Joining Fees
Nil
Card Details +
Annual Fee – Nil
Interest Rate – 0.75% to 2.99% (9% to 36% per annum)
Key Features:
- Up to 10 Reward Points on every Rs. 100 spent using the card.
- Welcome benefit of gift vouchers worth Rs. 500.
- 4 complimentary domestic lounge access per quarter.
- Low foreign currency markup fee of 1.5% only.
Welcome Benefits
25,000 Reward Points on the first transaction
Rewards Rate
3 Reward Points per Rs. 100 on international spends, 2 Reward Points per Rs. 100 on domestic spends.
Joining Fees
Rs. 50,000 (plus applicable taxes) for Yes Private Credit Card, Rs. 20,000 (plus applicable taxes) for Yes Private Prime Credit Card
Card Details +
Annual Fee – Rs. 10,000
Interest Rate – 1.2% per month (for individuals holding an account in YES Bank)
1.99% per month (for others)
Key Features:
- Welcome bonus of 25,000 Reward Points.
- Up to 3 Reward Points on every Rs. 100 you spend.
- Unlimited complimentary domestic lounge access.
- 12 complimentary golf rounds and 12 lessons every year.
Welcome Benefits
N/A
Rewards Rate
6 Reward Points for every Rs. 200 spent on Select category, 12 Reward Points for every Rs. 200 spent on all purchases except from the Select category and 1000 Reward Points on each Yes PayNow registration.
Joining Fees
Rs. 999 (plus applicable taxes)
Card Details +
Annual Fee – Rs. 9,999
Interest Rate – 1.99% per month
Key Features:
- Welcome benefit of 40,000 bonus Reward Points.
- Up to 12 Reward Points on every Rs. 200 you spend.
- Unlimited complimentary international lounge access and 3 complimentary domestic lounge access per quarter.
- Exciting discount on movie tickets on BookMyShow.
Welcome Benefits
Cashback of up to 1,500 on fuel transactions within first 90 days.
Rewards Rate
You get up to 5% cashback on fuel transactions, utility bills payments, telephone bills and 1 reward point on every Rs 150 spent on other categories
Joining Fees
Rs. 750 plus applicable taxes
Nil (for premium banking customers)
Card Details +
Annual Fee – Rs. 750
Interest Rate – 1.99% per month
Key Features:
- Monthly cashback of 5% on selected categories, such as fuel, utility bill payments, etc.
- 1 Reward Point on every Rs. 150 spent.
- Complimentary airport lounge access to several participating lounges worldwide.
- Spend-based annual fee waiver.
Welcome Benefits
Rewards Rate
Up to 20% off on shopping at partner brands and up to 25% off on travel-related spends on partner brands
Joining Fees
Rs. 49
Card Details +
Annual Fee – Nil
Interest Rate – 1.99% per month
Key Features:
- A discount of up to 20% on Myntra.
- Up to 10% discount on Grofers & Zomato.
- Buy 1 Get 1 free offer on movie tickets on INOX.
- Spend-based waiver of monthly membership fee.
Welcome Benefits
Get InterMiles Gold membership for the first year and up to 25,000 bonus InterMiles.
Rewards Rate
8 InterMiles on every retail spend of Rs. 150, 16 InterMiles per Rs. 150 spent on flight/hotel bookings on intermiles.com
Joining Fees
Rs. 5,000 (plus applicable taxes)
Card Details +
Annual Fee – Rs. 5,000
Interest Rate – 1.99% per month (23.88% per annum)
Key Features:
- Up to 16 Reward Points on every Rs. 150 you spend.
- Complimentary access to leading domestic and international lounge access.
- Up to 25,000 bonus Intermiles as a welcome gift.
- Complimentary Dine Out Passport membership.
Welcome Benefits
Rewards Rate
5X reward points on select retail shopping spends and 2X points on all other spends on the shopper’s plan; 5X reward points on travel spends and 2X points on all other spends on the traveler’s plan
Joining Fees
Rs. 2,500 + GST (for paid variant), Nil for the free variant
Card Details +
Annual Fee – Rs. 2,500
Interest Rate – 2.49% per month
Key Features:
- An opportunity to choose between a shopper’s plan and traveler’s plan.
- Earn up to 5 Reward Points on every Rs. 100 you spend.
- An opportunity to earn 6.400 bonus Reward Points every quarter.
- Complimentary Priority Pass membership.
Welcome Benefits
Complimentary Epicure membership and one night stay at Taj hotels.
Rewards Rate
2 Reward Points for every Rs. 100 spent using the card.
Joining Fees
Nil
Card Details +
Annual Fee – Nil
Interest Rate – 2.49% per month
Key Features:
- 2 Reward Points on every Rs. 100 spent with the card.
- Complimentary LoungeKey membership.
- Complimentary domestic and international lounge access.
- Low foreign currency markup fee.
Welcome Benefits
Get a welcome gift voucher worth Rs. 500 on spending Rs. 15,000 or more within the first 90 days.
Rewards Rate
3 Reward Points on every offline spend of Rs. 150 & 6 Reward Points on every online spend of Rs. 150.
Joining Fees
Nil
Card Details +
Annual Fee – Nil
Interest Rate – 0.75 to 2.99% (9% to 36% per annum)
Key Features:
- Gift voucher worth Rs. 500 as a welcome benefit.
- Up to 10 Reward Points on every spend of Rs. 100.
- A discount of up to Rs. 100 each month on movies.
- 16 complimentary railway lounge access per quarter.
Welcome Benefits
5% cashback on first EMI Transaction within and gift vouchers worth Rs. 500.
Rewards Rate
3 Reward Points on every offline spend of Rs. 100, 6 Reward Points on every online spend of Rs. 100, and 10 Reward Points on every Rs. 100 on spends above Rs. 20,000.
Joining Fees
Nil
Card Details +
Annual Fee – Nil
Interest Rate – 0.75 to 2.99% (9% to 36% per annum)
Key Features:
- Up to 10 Reward Points on every Rs. 100 you spend.
- The reward points you earn using this card never expire.
- 4 complimentary railway lounge access per quarter.
- Gift voucher worth Rs. 500 as a welcome benefit.
Welcome Benefits
NA
Rewards Rate
4 Reward Points on every spend of Rs. 200.
Joining Fees
Nil
Card Details +
Annual Fee – Rs. 250
Interest Rate – 2.95% (41.75% per annum)
Key Features:
- Personalized credit card with Indian Tricolor and 4th line dedicated to the Indian army, air force, or Navy.
- 4 Edge Reward Points on every rs. 200 spent using the card.
- A discount of up to 15% on dining.
- Spend-based annual fee waiver.
Welcome Benefits
N/A
Rewards Rate
8 EDGE REWARD Points per Rs. 200 spent with the card.
Joining Fees
Nil
Card Details +
Annual Fee – Rs. 500
Interest Rate – 2.95% (41.75% per annum)
Key Features:
- 8 Edge Reward Points on every Rs. 200 you spend.
- 2 complimentary domestic lounge access every quarter.
- Discount of 15% or more on dining at several premium restaurants.
- 1% fuel surcharge waiver up to Rs. 400 per month.
Welcome Benefits
You get either of Oberoi hotels/resorts vouchers worth Rs. 50K or Montblanc vouchers worth Rs. 50,000.
Rewards Rate
1 Reward Point per Rs. 100 spent on domestic purchases. 3 Reward Points per Rs. 100 spent on international purchases.
Joining Fees
Rs. 50,000
Card Details +
Annual Fee – Rs. 5,000
Interest rate – 2.99% per month
Key Features:
- Welcome gift vouchers from Oberoi hotels and Montblanc worth Rs. 50,000.
- Up to 3 Reward Points on every spend of Rs. 100.
- Unlimited complimentary domestic lounge access.
- Buy 1 get 1 free offer on movie tickets and 20% off on movies on BookMyShow.
Welcome Benefits
Rewards Rate
2.5 Reward Points on every Rs. 100 spent on international transactions and 1 Reward Point on every 100 spent on domestic transactions
Joining Fees
Rs. 2,00,000 (nil annual fee in this case), Rs. 1,00,000 (Rs. 10,000 annual fee applicable in this case)
Card Details +
Annual Fee – Rs. 10,000 (with a joining fee of Rs. 1 lakh)
Nil (with a joining fee of Rs. 2 lakhs)
Interest Rate – 2.99% per month
Key Features:
- Up to 2.5 Reward Points on every Rs. 100 spent using the card.
- 2 complimentary international and 2 domestic lounge access each quarter.
- Up to Rs. 3000 off on dining at several premium restaurants.
- Up to 3 complimentary movie tickets each month on BookMyShow.
Welcome Benefits
Oberoi e-gift voucher and a Luxe Gift card.
Rewards Rate
2.5 Reward Points on every Rs 100 spent on international transactions and 1 Reward Points on every Rs 100 spent on domestic transactions.
Joining Fees
Rs 90,000 + GST
Card Details +
Annual Fee – Rs. 25,000
Interest Rate – 2.99% per month
Key Features:
- Welcome benefit of Oberoi gift vouchers and Luxe gift cards.
- 2.5 Reward Points on every Rs. 100 spent.
- 8 complimentary and domestic lounge access every year (unlimited with Pioneer heritage Metal Credit card variant).
- Up to 4 complimentary movie tickets every quarter on BookMyShow.
Bottom Line:
After going through the article, you might have understood all about the low interest rate credit cards and their benefits. If you are paying high interest on your credit card’s outstanding balance, you must apply for one of these cards in order to avoid it. Also, don’t forget to compare the low interest credit cards on the basis of other factors as well, such as annual fees, benefits of the cards, etc. If you already have a low interest credit card, share your experience having it with us and other readers in the comment section below.
FAQs:
No, if you pay the full amount due before the billing due date, you don’t have to pay any interest on it.
The IDFC FIRST Bank credit cards (IDFC First Wealth, IDFC First Select, IDFC First Classic, and IDFC First Millennia) have the lowest interest rate starting from 0.75%.
Comments
Compare India’s most rewarding credit cards under one roof and pick the one that works for you the best.