Best for salaried individuals: SBI SimplyCLICK Credit Card

• Joining fee – ₹499, excluding taxes
• Annual fee – ₹499, excluding taxes (returned on spending over ₹1 lakh)
  
  Key benefits:
  • Offers 10x rewards on shopping with partner brands
  • And 5x rewards on all online transaction
  • Amazon gift card worth ₹500 on welcome

Best for travel: HDFC Regalia Credit Card

• Joining fee – ₹2500, excluding taxes
• Annual fee – ₹2500, excluding taxes
  
  Key benefits:
  • 12 complimentary airport lounge access within India and 6 outside the country
  • 10,000 bonus points on spending ₹5 lakhs and 5,000 reward points, too, on spending ₹8 lakhs in a year
  • 2% foreign currency markup on international spends

Best in premium category: HDFC Diners Club Black

• Joining fee – ₹10,000, excluding taxes
• Annual fee – ₹10,000, excluding taxes
  
  Key benefits:
  • Get 5 reward points for every ₹150 you spend
  • Complimentary vouchers from partner brands for spending over ₹80,000 in a month
  • Annual memberships of Amazon Prime, Times Prime, Club Marriott, Forbes, MMT BLACK, and Zomato Pro

Best free credit card: IDFC FIRST Millenia

• Joining fee – None
• Annual fee – None
  
  Key benefits: 
  • Free for a lifetime
  • Interest-free cash withdrawal for up to 48 days
  • 10x rewards on special days and milestones

Best for beginners: HDFC MoneyBack

• Joining fee – INR 500
• Annual fee – INR 500
  
  Key benefits:
  • 2 reward points for every ₹150 spent offline (double for online shopping)
  • E-voucher of ₹500 for spending ₹5,000 in a quarter and upto ₹2,000 in a year
  • 1% fuel surcharge waiver on spending more than ₹400 on fuel

Best with zero annual fee: IndusInd Pioneer Legacy

• Joining fee – ₹45,000
• Annual fee – None
  
  Key benefits:
  • Up to 3 movie tickets for free every month
  • 1.5 reward points on every ₹100 spent
  • 6,000 additional reward points if card spending exceeds ₹6 lakhs in a year

Best for shopping on Amazon: Amazon Pay ICICI Bank Credit Card

• Joining fee – None
• Annual fee – None
  
  Key benefits:
  • 3% cashback even for non-Amazon Prime customers on Amazon shopping
  • 2% cashback on shopping with Amazon Pay partner merchants
  • 1% cash back on other payments

Best for shopping on Flipkart: Flipkart Axis Bank Credit Card

• Joining fee – ₹500
• Annual fee – ₹500, waived off on spending more than ₹2 lakhs
  
  Key benefits: 
  • Up to 5% cashback on shopping with Flipkart and Myntra
  • Flat 4% unlimited cashback on transactions with partner sites
  • 4 complimentary airport lounge access

Best rewards credit card in India for business: ICICI Business Advantage Black Card

• Joining fee – ₹1500, excluding taxes
• Annual fee – ₹1000, excluding taxes
  
  Key benefits:
  • Up to 1% cashback on all eligible transactions
  • A minimum of 5% discount on dining bills with the ICICI Bank Culinary Treats Programme
  • 2 complimentary airport lounge access per quarter

Best overall: Axis Bank ACE Credit Card

• Joining fee – ₹499, returned on spending ₹10,000 within 45 days of getting the card
• Annual fee – ₹499, waived off on spending more than ₹2 lakhs annually
  
  Key benefits:
  • 4 complimentary domestic lounge visits annually
  • 5% cashback on bill payments and recharging mobile and DTH via Google Pay
  • 20% discount on dining at more than 4000 partner restaurants

Wrap up 

Given the plethora of credit card options, choosing India’s best credit card becomes difficult. But irrespective of the choice, one thing that sets them apart is that they partner with a capable payment gateway for seamless transactions. At PayU India, we offer easy-to-integrate APIs and SDKs with complete online onboarding for our customers. Click here to learn why you should partner with PayU India. 

FAQs

The post Best Credit Card In India: Top 10 Options to Pick From appeared first on PayU Blog.

PayU partners with several businesses, from enterprises to SMEs, to accelerate their business growth. Entrepreneurs, disruptors, and innovators from all industries and sectors run these businesses.

Let’s shed some light on how India shopped in 2022. We at PayU activated our data engines and put together a report on how India shopped during the festive season of 2022 and compared them to the shopping trends of 2021. Read this blog to know how India shops!*

But before we dive deep, here are some quick highlights:

• 2022 saw a 64% increase in expenditure & 31% increase in the number of transactions vis-à-vis festive sale period in 2021
• There was a 245% increase in expenditure & 130% increase in the number of transactions between the ‘normal’ period of 2019 & post-pandemic period of 2022
• One day in September witnessed about 7 million transactions (Yes, it’s enormous!)

Read an elaborative insight summary below.

Credit Care: The ruler of this generation

Since its advent, credit cards have been a preferred mode of payment for many Indians. Even though there is 1 credit card for every 12 debit cards, credit card users spent about 5 times more than debit card users in 2022. Interestingly, a credit card user spent Rs. 6000 on average compared to a debit card user who spent Rs. 2,500 in 2022. 

Such an upsurge in credit card usage can be attributed to attractive cashback, reward points, discounts, deals & add-on services banks and brands offer. 

A quick escape is highly preferred.

The pandemic years have marked a full stop to people’s movement. While it’s true that most of us might have done a trip or two already by now, there’s still a lot of momentum in the travel industry. 

The travel and hospitality sector showed a 165% increase this festive season. Not only are Indians travelling extensively, but they are using all modes of travel. 

• Cabs showed a 121% increase in expenditure.
• Train bookings witnessed a 50% increase in expenditure & 33% increase in average ticket size.
• Airlines saw a 95% increase in average ticket size
• Holiday packages saw a 70% increase in expenditure & 341% increase in average ticket size. 

UPI is taking the lead across the board

The ease and success of UPI across the nation have enabled every nook and corner for a digital transformation. Most of our corner shops now have multiple QR right at the entrance. Of course, the usage has gone up. But our data suggest that the ticket size has decreased. 

There was a 133% rise in the number of transactions and a 124% growth in expenditure compared to 2021, while the average ticket took a hit marginally (-4%). Consumers using UPI for small ticket items such as groceries, within-city travel & entertainment could be why the average ticket size declined. 

The top 5 cities contributing to the highest number of transactions through UPI are Mumbai, Bangalore, Hyderabad, Chennai and Delhi NCR. Well, that’s a little obvious, isn’t it?

Sneak peek at the BFSI landscape.

With increasing financial literacy, ease of investing and a secure ecosystem across the nation, the insurance pace grew by 41%. Investments saw a 66% growth in expenditure & 50% growth in average ticket size. One of the reasons for this spike could be the increased adoption of do-it-yourself wealth management platforms – especially among millennials & post-pandemic behavioural changes. In the Banking and Insurance sector, transactions & expenditures increased by 100% and 143%, respectively.

It looks like a lot of good time lies ahead of the BFSI units, and the graph will continue to get beautiful. 

Adoption of digital entertainment services

While it’s been sometime now that Indians have embraced the world of OTT and gaming, the year 2022 has seen some record-breaking statistics. The entertainment industry witnessed an increase in both expenditure and transactions of 52% and 54%. OTT expenditure has grown by 80% & transactions by 175%; gaming expenditure shot up by 20%. 

What stood out here was the habits the tenure of the pandemic has set for all of us – OTT preference and avoiding public spaces (aka staying in the comfort of home). This is backed by our data that suggests that expenses related to physically watching movies and attending on-ground events decreased expenditure and transactions by 11% and 43%, respectively. 

Other interesting finds

While the above states the specifics of certain areas, the other insights we found are:

• Education saw a 20% growth in expenditure & 24% growth in average ticket size. There is a 14% growth in university-related expenditure but a 40% dip in spending on upskilling. More Indians are paying for education using UPI. UPI transactions for education increased by 29%, while spending through UPI on education increased by 47%
• Patna, Indore, Ernakulam, Nagpur & Ludhiana are new entrants to the top 20 cities by expenditure in 2022. Maharashtra, Karnataka & Tamil Nadu continue to be top festive spenders.  

*The report compares digital payment transaction trends on the PayU platform between the festive periods of 2022 (September 15 – October 15) and 2021 (October 1-31). 

So, what are the takeaways for businesses?

Well, the easiest of all the conclusions here is that the festive season is an excellent time for business owners to earn maximum profits by catering to the increase in consumer demand. 

While India moves to more credit-based shopping and UPI-led purchases, as a business, it’s almost mandatory to enable these options. And while you are at it, opening up other avenues to accept payments, like BNPL, EMI etc., is only an added benefit. Check out the payments suite by PayU and leap growth with your business today.

Explore PayU Payments Suite Now!

The post PayU Festive Insights Report 2022 appeared first on PayU Blog.

Today, Credit card providers have a vast potential to reach the underserved population. There is also an increase in demand for credit cards among the under-25 millennial population.

Sounds interesting? Now, let’s look at the recent credit card trends that have emerged across the globe.

Critical Trends: A Walk Through

Credit Card Payments Go Contactless in the Mainstream

In China and Australia, most card-enabled payments are made through mobile apps or tap-and-go contactless payment options. 79% of the Mastercard credit card payments in 2021 were contactless payments.

In the U.S, 8 out of the ten respondents to the Mastercard survey said they would prefer contactless payments. However, the desire to eliminate physical contact in monetary transactions is not harboured by customers alone. 95% of the merchants in the U.S are enabled for contactless payments.

Buy Now Pay Later Trends with Increased Credit Card Usage

The surging popularity is due to their flexibility, which enables users to plan their purchases and payments effectively. Cashless transactions and debit cards/credit cards have been the forebearer of this trend for ages.

BNPL is a metamorphosed version of the old instalment-based credit system, except it is exclusive to debit and credit cards. NPL system is low-cost, transparent and does not discriminate based on the customers’ credit history.

In the U.S alone, the number of BNPL users has increased by 50%, making it one of the trends to watch out for.

Use of Masked Credit Cards to Avoid Fraud

Identity theft is a frequently-experienced phenomenon in the banking industry and among credit card users. In India, 131.2 million cybercrime cases were reported in 2019, and the numbers continue to rise.

4 in 10 customers have experienced identity theft in India, with 81% of Indians being alarmed about their privacy.  Now, how do masked credit cards help?

Virtual credit cards allow you to hide your credit card information from merchants and data brokers. In a masked credit card, your actual credit card number is never handed over and kept secure, preventing incidents of identity theft.

Alternative Data Sets Enable Credit Scoring

In the U.S, phone, utility and cable payment bill data is used for better credit scoring. This alternative permits card companies to underwrite loans better. 80% of the lenders use credit as well as other information.

Key Takeaways

With an anticipated increased use of credit cards, the industry is set to transform how credit cards are used and calculate credit scores.

FAQs

The post Credit Card Future – What’s In Store? appeared first on PayU Blog.

Several top players in India offer excellent business credit cards. But choosing one from many appealing ones may be challenging. Here is a list of some of India’s top business credit cards that you can choose from.

Top Credit Cards In India Meant For Businesses

Please note that banks take into account a number of variables, including your annual income, credit score, and credit record when deciding whether to grant you a credit card. Your ability to obtain this credit card is significantly influenced by your organisation, its track record, and other credibilities. 

Here is a list of top credit card companies in India that offer the best business credit cards:

HDFC Bank Business MoneyBack Credit Card

• The HDFC Bank Business MoneyBack Credit Card comes with the following features:
• Free one-year membership to Zomato Gold
• 5% return on telecom and electricity bills, taxes (both federal and state), railway, hotels and dining, and taxi bookings
• 1000 rewards maximum every calendar month for 5X Reward Points on fuel (valid for the first year only)
• Every anniversary year, 2,500 credit card incentive points are awarded for annual spending of a total amount of Rs. 1.8 lakh or more.
• For every Rs. 150 purchased online, you’ll receive 4 reward points, while other purchases will earn you 2 reward points (except fuel)
• To be eligible for the HDFC Bank Business MoneyBack Credit Card, you must be a professional or self-employed businessperson; should fall between the ages of 21 and 65; should have submitted annual income tax returns totalling a minimum of Rs. 2.5 lakh.

Axis Bank My Business Credit Card

• The Axis Bank My Business Credit Card comes with the following features:
• You can earn interesting reward points with the eDGE Customer Rewards Program and exchange them for incentives from a selection of more than 500 products.
• With this card, you are granted free access to lounges at numerous airports across the nation. You are entitled to two lounge visits per quarter.
• You can personalize the card by having your name and your company name or designation embossed on it.
• In the event that your card is lost or stolen, the “No Lost Card Liability” function protects you from being held responsible for paying for unauthorized purchases.
• You have the choice to break up significant purchases above Rs. 2,500 into monthly installments and repay them at a lower interest rate, allowing you to save more money.
• All self-employed candidates, including sole proprietors, SME businesses, partnership firms, physicians, and other self-employed professionals, are eligible to apply for this card. The potential client should already be acquainted with the bank.

State Bank of India Platinum Corporate Credit Cards

If you are planning to use the SBI Platinum Corporate Credit Card, check out its features:

• Utilising the spend management tool from Visa Intellilink, you can monitor and manage your company’s costs.
• The card is recognized at more than 38 million locations worldwide, including 3 million locations in India.
• Free insurance protection with your SBI Corporate Card; interest-free credit terms of 20 to 50 days.
• You can replace the card in any region in the world. 
• To be qualified for this card, you must fulfil these requirements: The principal applicant must be at least 18 years old and no older than 70 years old; the person involved has to be an Indian national; any additional applicants must be older than 15 years old.

Make Your Business Stand Out With A Business Credit Card

Business credit cards are meant to manage business expenses and offer business rewards and perks. In this article, we explained what a business card for credit is, how you can apply for one, and some of India’s top business credit cards. Please go through the details, terms, and conditions of all the available business credit cards before applying. A good CIBIL score can make the whole process easier.

While this article will help you get the business credit card sorted, you’d require a robust payments gateway to serve your customers well. PayU India offers industry-leading payment gateway solutions for a seamless checkout experience. Learn more here. 

FAQs 

The post List of Best Credit Cards for Your Business appeared first on PayU Blog.